日本経済新聞 · 2018-04-17 · UBS ETF – MSCI World UCITS ETF Annual report as of...

UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2017

The accompanying notes form an integral part of these financial statements.

215

Schedule of Investments as at 31 December 2017 (Expressed in USD) Transferable securities listed on an Official Stock Exchange

QuantityMarket

Value USD % of

Net Assets

Common Stocks

Advertising (0.18%) Dentsu 5,500 233,134 0.02Hakuhodo DY Holdings 11,300 146,754 0.01Interpublic Group of Companies 13,100 264,096 0.02JCDecaux 2,881 116,257 0.01Omnicom Group 5,989 436,179 0.03Publicis Groupe 5,802 394,683 0.03WPP 42,754 775,573 0.06

Aerospace & Defense (1.96%) Airbus Group 19,049 1,898,546 0.15Arconic 10,837 295,308 0.02BAE Systems 96,657 749,213 0.06Boeing 17,747 5,233,768 0.40CAE 8,600 160,270 0.01Cobham 71,233 121,703 0.01Dassault Aviation 112 174,554 0.01Elbit Systems 315 42,192 0.00General Dynamics 7,989 1,625,362 0.13Harris 4,100 580,765 0.04IHI 7,500 249,667 0.02Kawasaki Heavy Industries 3,600 126,392 0.01L3 Technologies 3,161 625,404 0.05Leonardo 11,795 140,501 0.01Lockheed Martin 8,548 2,744,335 0.21Meggitt 24,379 159,023 0.01MTU Aero Engines 1,701 305,159 0.02Northrop Grumman 5,544 1,701,509 0.13Raytheon 9,056 1,701,170 0.13Rockwell Collins 5,375 728,958 0.06Rolls-Royce Holdings 55,882 640,284 0.05Safran 10,657 1,099,384 0.08Spirit AeroSystems Holdings 3,800 331,550 0.03Thales 2,481 267,769 0.02TransDigm Group 1,681 461,636 0.04United Technologies 23,898 3,048,668 0.24Zodiac Aerospace 6,587 197,188 0.02

Agriculture (1.42%) Altria Group 60,537 4,322,947 0.33Archer-Daniels-Midland 18,180 728,655 0.05British American Tobacco 68,746 4,666,546 0.36British American Tobacco PLC 3,965 265,615 0.02Bunge 5,253 352,371 0.03Golden Agri-Resources 310,000 85,828 0.01Imperial Brands 32,312 1,383,860 0.11Japan Tobacco 35,100 1,131,364 0.09Philip Morris International 49,263 5,204,636 0.40Swedish Match 6,083 240,125 0.02

Airlines (0.16%) American Airlines Group 4,800 249,744 0.02ANA Holdings 1,000 41,776 0.00Delta Air Lines 6,300 352,800 0.03Deutsche Lufthansa - Registered 7,621 281,128 0.02easyJet 4,650 92,090 0.01International Consolidated Airlines Group 12,372 107,500 0.01Japan Airlines 3,400 133,042 0.01Ryanair Holdings 7,839 141,667 0.01Singapore Airlines 10,000 79,841 0.01Southwest Airlines 4,600 301,070 0.02United Continental Holdings 3,573 240,820 0.02

Apparel (0.75%) adidas 5,860 1,176,183 0.09Asics 4,900 78,122 0.01



216


QuantityMarket

Value USD % of

Net Assets

Apparel (0.75%) (continued) Burberry Group 14,071 341,099 0.03Gildan Activewear 9,724 315,169 0.02Hanesbrands 11,500 240,465 0.02Hermes International 1,072 574,439 0.04LVMH Moet Hennessy Louis Vuitton 9,022 2,658,570 0.20Michael Kors Holdings 5,800 365,110 0.03NIKE - Class B 42,206 2,639,985 0.20Ralph Lauren 1,967 203,958 0.02Under Armour - Class A 7,700 111,111 0.01Under Armour - Class C 8,036 107,040 0.01VF 11,152 825,248 0.06Yue Yuen Industrial Holdings 32,000 125,670 0.01

Auto Manufacturers (1.71%) Bayerische Motoren Werke 11,455 1,194,361 0.09Daimler - Registered 30,265 2,573,029 0.20Ferrari 4,346 456,373 0.03Fiat Chrysler Automobiles 34,712 621,481 0.05Ford Motor 121,750 1,520,658 0.12General Motors 42,659 1,748,592 0.13Hino Motors 8,000 103,684 0.01Honda Motor 55,700 1,909,573 0.15Isuzu Motors 15,800 264,666 0.02Mazda Motor 16,100 216,024 0.02Mitsubishi Motors 24,500 177,035 0.01Nissan Motor 83,400 831,779 0.06PACCAR 10,864 772,213 0.06Peugeot 16,494 335,811 0.03Renault 5,234 527,373 0.04Subaru 18,300 582,059 0.04Suzuki Motor 10,300 597,427 0.05Tesla Motors 4,300 1,338,805 0.10Toyota Motor 82,356 5,273,270 0.41Volkswagen 1,268 256,865 0.02Volvo - Class B 50,711 945,780 0.07

Auto Parts & Equipment (0.79%) Aisin Seiki 5,500 309,055 0.02Aptiv 9,000 763,470 0.06Autoliv 3,000 381,240 0.03BorgWarner 7,520 384,197 0.03Bridgestone 21,300 990,407 0.08Compagnie Generale des Etablissements Michelin 5,697 817,837 0.06Continental 3,793 1,025,021 0.08Denso 16,000 960,568 0.07Faurecia 1,692 132,328 0.01GKN 50,967 220,212 0.02Goodyear Tire & Rubber 7,977 257,737 0.02JTEKT 3,800 65,307 0.01Koito Manufacturing 5,000 351,531 0.03Lear 1,802 318,341 0.03Linamar 1,800 105,174 0.01Magna International 12,332 701,171 0.05NGK Insulators 7,300 137,900 0.01NGK Spark Plug 6,600 160,474 0.01NOK 2,100 49,047 0.00Nokian Renkaat 3,264 148,154 0.01Stanley Electric 4,400 178,695 0.01Sumitomo Electric Industries 25,200 426,152 0.03Sumitomo Rubber Industries 5,600 104,195 0.01Toyoda Gosei 1,200 30,541 0.00Toyota Industries 5,400 347,057 0.03Valeo 6,864 513,247 0.04WABCO Holdings 1,852 265,762 0.02Yokohama Rubber 3,500 85,845 0.01



217


QuantityMarket

Value USD % of

Net Assets

Banks (10.81%) ABN AMRO Group - CVA 14,382 464,561 0.04Aozora Bank 2,599 101,168 0.01Australia & New Zealand Banking Group 96,618 2,171,875 0.17Banco Bilbao Vizcaya Argentaria 211,341 1,804,871 0.14Banco de Sabadell 184,156 366,199 0.03Banco Santander 534,740 3,518,153 0.27Bank Hapoalim 34,980 257,842 0.02Bank Leumi Le-Israel 42,050 253,997 0.02Bank of America 317,733 9,379,478 0.72Bank of East Asia 46,338 200,650 0.02Bank of Ireland Group 25,880 220,489 0.02Bank of Kyoto 1,400 72,952 0.01Bank of Montreal 19,408 1,558,123 0.12Bank of New York Mellon 31,414 1,691,958 0.13Bank of Nova Scotia 39,209 2,538,516 0.20Bank of Queensland 13,757 136,868 0.01Bankia 37,743 180,698 0.01Bankinter 20,774 197,169 0.02Barclays 521,340 1,432,348 0.11BB&T 26,526 1,318,873 0.10Bendigo & Adelaide Bank 15,232 139,033 0.01BNP Paribas 35,586 2,660,047 0.21BOC Hong Kong Holdings 114,000 577,488 0.04CaixaBank 128,716 601,092 0.05Canadian Imperial Bank of Commerce 13,812 1,350,830 0.10Capital One Financial 15,143 1,507,940 0.12Chiba Bank 17,000 141,554 0.01CIT Group 3,621 178,262 0.01Citigroup 88,565 6,590,122 0.51Citizens Financial Group 15,314 642,882 0.05Comerica 6,021 522,683 0.04Commerzbank 29,368 440,990 0.03Commonwealth Bank of Australia 55,708 3,500,576 0.27Concordia Financial Group 35,000 211,274 0.02Credit Agricole 37,924 628,440 0.05Credit Suisse Group - Registered 82,761 1,477,723 0.11Danske Bank 22,671 883,381 0.07DBS Group Holdings 59,142 1,099,730 0.08Deutsche Bank - Registered 67,733 1,291,174 0.10DNB 31,225 580,648 0.04East West Bancorp 5,800 352,814 0.03Erste Group Bank 9,150 396,697 0.03Fifth Third Bancorp 22,069 669,573 0.05First Republic Bank 5,000 433,200 0.03Fukuoka Financial Group 31,000 174,194 0.01Goldman Sachs Group 12,024 3,063,234 0.24Hachijuni Bank 25,000 143,586 0.01Hang Seng Bank 26,600 660,126 0.05HSBC Holdings 647,948 6,721,967 0.52Huntington Bancshares 34,100 496,496 0.04ING Groep 130,260 2,397,079 0.18Intesa Sanpaolo 464,307 1,544,386 0.12Intesa Sanpaolo - Rsp 21,793 69,610 0.01Investec 26,607 192,561 0.01Japan Post Bank 13,700 178,410 0.01JPMorgan Chase & Co 111,661 11,941,027 0.92KBC Groep 7,278 621,460 0.05KeyCorp 34,364 693,122 0.05Kyushu Financial Group 10,000 60,542 0.00Lloyds Banking Group 2,283,298 2,102,190 0.16M&T Bank 4,713 805,876 0.06Macquarie Group 9,980 777,698 0.06Mediobanca 21,063 239,267 0.02Mitsubishi UFJ Financial Group 379,800 2,786,211 0.21Mizrahi Tefahot Bank 3,784 69,922 0.01Mizuho Financial Group 723,500 1,314,053 0.10Morgan Stanley 44,071 2,312,405 0.18



218


QuantityMarket

Value USD % of

Net Assets

Banks (10.81%) (continued) National Australia Bank 89,267 2,064,583 0.16National Bank of Canada 10,314 516,297 0.04Natixis 31,059 246,002 0.02Nordea Bank 97,200 1,178,865 0.09Northern Trust 6,527 651,982 0.05Oversea-Chinese Banking 90,784 841,675 0.06PNC Financial Services Group 15,424 2,225,529 0.17Raiffeisen Bank International 3,299 119,636 0.01Regions Financial 42,900 741,312 0.06Resona Holdings 65,000 388,384 0.03Royal Bank of Canada 47,029 3,852,929 0.30Royal Bank of Scotland Group 99,946 375,861 0.03Seven Bank 17,000 58,251 0.00Shinsei Bank 9,600 166,093 0.01Shizuoka Bank 16,000 165,326 0.01Signature Bank 2,400 329,424 0.03Skandinaviska Enskilda Banken - Class A 52,518 617,708 0.05Societe Generale 23,955 1,238,341 0.10Standard Chartered 99,760 1,052,747 0.08State Street 12,600 1,229,886 0.09Sumitomo Mitsui Financial Group 41,200 1,780,396 0.14Sumitomo Mitsui Trust Holdings 9,900 393,100 0.03SunTrust Banks 15,784 1,019,489 0.08Suruga Bank 7,500 160,919 0.01SVB Financial Group 2,000 467,540 0.04Svenska Handelsbanken - Class A 54,202 742,774 0.06Swedbank - Class A 32,018 773,907 0.06Toronto-Dominion Bank 59,852 3,518,177 0.27UBS Group - Registered 116,438 2,143,558 0.17UniCredit 64,499 1,206,677 0.09United Overseas Bank 41,215 815,726 0.06US Bancorp 51,431 2,755,673 0.21Wells Fargo & Co 152,448 9,249,020 0.71Westpac Banking 107,633 2,639,205 0.20Yamaguchi Financial Group 6,000 71,318 0.01Zions Bancorporation 6,800 345,644 0.03

Beverages (2.02%) Anheuser-Busch InBev 23,878 2,670,289 0.21Asahi Group Holdings 12,000 595,473 0.05Brown-Forman - Class B 6,700 460,089 0.04Carlsberg - Class B 3,783 454,541 0.03Coca-Cola 128,460 5,893,745 0.45Coca-Cola Amatil 19,042 126,745 0.01Coca-Cola Bottlers Japan 5,900 215,521 0.02Coca-Cola European Partners 3,300 131,505 0.01Coca-Cola European Partners 4,664 186,106 0.01Coca-Cola HBC - CDI 5,419 177,399 0.01Constellation Brands - Class A 5,700 1,302,849 0.10Diageo 82,984 3,058,992 0.24Dr Pepper Snapple Group 5,903 572,945 0.04Heineken 8,172 853,039 0.07Heineken Holding 4,165 412,560 0.03Kirin Holdings 24,800 625,339 0.05Molson Coors Brewing - Class B 5,757 472,477 0.04Monster Beverage 13,272 839,985 0.06PepsiCo 46,005 5,516,919 0.42Pernod Ricard 6,829 1,082,025 0.08Remy Cointreau 622 86,267 0.01Suntory Beverage & Food 5,400 240,160 0.02Treasury Wine Estates 21,705 270,946 0.02

Building Materials (0.79%) Asahi Glass 6,600 285,912 0.02Boral 39,317 239,556 0.02Compagnie de Saint-Gobain 14,948 825,321 0.06CRH 26,683 959,787 0.07



219


QuantityMarket

Value USD % of

Net Assets

Building Materials (0.79%) (continued) Daikin Industries 7,500 887,816 0.07Fletcher Building 32,339 174,796 0.01Fortune Brands Home & Security 4,710 322,352 0.03Geberit - Registered 987 434,604 0.03HeidelbergCement 4,813 521,595 0.04Imerys 908 85,634 0.01James Hardie Industries - CDI 13,731 242,932 0.02Johnson Controls International 30,525 1,163,308 0.09LafargeHolcim - Registered - CH 8,393 473,264 0.04LafargeHolcim - Registered - FR 6,097 344,393 0.03Lennox International 900 187,434 0.01LIXIL Group 9,900 268,043 0.02Martin Marietta Materials 2,300 508,392 0.04Masco 10,100 443,794 0.03Owens Corning 3,700 340,178 0.03Rinnai 1,100 99,600 0.01Sika 63 500,380 0.04Taiheiyo Cement 3,300 142,517 0.01TOTO 4,500 265,646 0.02Vulcan Materials 4,480 575,098 0.04

Chemicals (2.74%) Agrium 4,471 515,916 0.04Air Liquide 13,212 1,666,615 0.13Air Products & Chemicals 6,633 1,088,343 0.08Air Water 4,000 84,439 0.01Akzo Nobel 8,585 752,754 0.06Albemarle 3,600 460,404 0.04Arkema 1,993 243,029 0.02Asahi Kasei 40,000 516,112 0.04Axalta Coating Systems 6,800 220,048 0.02BASF 30,134 3,319,604 0.26Brenntag 4,962 314,423 0.02Celanese - Class A 4,463 477,898 0.04CF Industries Holdings 5,660 240,776 0.02Chemours 5,400 270,324 0.02Clariant 9,512 265,985 0.02Covestro 4,267 440,802 0.03Croda International 3,326 199,047 0.02Daicel 11,000 125,184 0.01DowDuPont 74,658 5,317,143 0.41Eastman Chemical 4,786 443,375 0.03EMS-Chemie Holding - Registered 270 180,231 0.01Evonik Industries 5,667 213,471 0.02FMC 4,200 397,572 0.03Givaudan - Registered 298 688,657 0.05Hitachi Chemical 1,900 48,811 0.00Incitec Pivot 54,648 166,697 0.01International Flavors & Fragrances 2,366 361,075 0.03Israel Chemicals 16,505 67,035 0.01Johnson Matthey 5,543 230,572 0.02JSR 5,400 106,322 0.01K+S - Registered 6,370 158,757 0.01Kaneka 11,000 100,479 0.01Kansai Paint 8,000 207,936 0.02Koninklijke DSM 5,808 555,638 0.04Kuraray 12,400 234,020 0.02LANXESS 3,017 240,156 0.02Linde 5,790 1,353,330 0.10LyondellBasell Industries - Class A 10,979 1,211,203 0.09Methanex 3,200 194,511 0.01Mitsubishi Chemical Holdings 44,000 482,965 0.04Mitsubishi Gas Chemical 7,500 215,380 0.02Mitsui Chemicals 6,200 199,512 0.02Monsanto 14,399 1,681,515 0.13Mosaic 8,691 223,011 0.02Nippon Paint Holdings 5,300 167,727 0.01



220


QuantityMarket

Value USD % of

Net Assets

Chemicals (2.74%) (continued) Nissan Chemical Industries 3,500 139,658 0.01Nitto Denko 6,000 533,156 0.04Novozymes - Class B 7,292 416,911 0.03Potash 28,455 585,474 0.04PPG Industries 8,466 988,998 0.08Praxair 8,839 1,367,217 0.11Sherwin-Williams 2,779 1,139,501 0.09Shin-Etsu Chemical 11,800 1,199,379 0.09Solvay 2,246 312,582 0.02Sumitomo Chemical 56,000 402,663 0.03Symrise 3,488 299,973 0.02Taiyo Nippon Sanso 3,000 41,997 0.00Teijin 3,300 73,529 0.01Toray Industries 42,000 396,138 0.03Tosoh 11,000 249,392 0.02Umicore 6,046 286,445 0.02WR Grace & Co 2,476 173,642 0.01Yara International 6,066 279,370 0.02

Commercial Services (1.99%) Abertis Infraestructuras 18,446 410,882 0.03Adecco Group - Registered 5,071 387,935 0.03AerCap Holdings 5,800 305,138 0.02AMERCO 200 75,582 0.01Ashtead Group 16,450 443,275 0.03Atlantia 14,571 460,517 0.04Automatic Data Processing 13,921 1,631,402 0.13Babcock International Group 7,941 75,786 0.01Benesse Holdings 1,300 45,872 0.00Brambles 55,179 434,604 0.03Bureau Veritas 11,985 327,984 0.03Capita 11,592 62,865 0.00Cintas 2,657 414,040 0.03CoStar Group 1,300 386,035 0.03Dai Nippon Printing 9,000 200,772 0.02Ecolab 8,063 1,081,893 0.08Edenred 7,514 218,172 0.02Element Financial 13,580 102,965 0.01Equifax 4,200 495,264 0.04Experian 32,604 721,559 0.06FleetCor Technologies 3,000 577,290 0.04G4S 44,587 161,041 0.01Gartner 2,902 357,381 0.03Global Payments 4,900 491,176 0.04Groupe Eurotunnel - Registered 15,443 198,791 0.02H&R Block 6,227 163,272 0.01Hutchison Port Holdings Trust 251,000 104,165 0.01IHS Markit 11,824 533,854 0.04Intertek Group 4,330 303,999 0.02ISS 3,479 134,831 0.01Live Nation Entertainment 2,800 119,196 0.01Macquarie Infrastructure 3,200 205,440 0.02ManpowerGroup 2,500 315,275 0.02Moody's 5,818 858,795 0.07Nielsen Holdings 12,700 462,280 0.04Park24 3,700 88,583 0.01PayPal Holdings 37,043 2,727,106 0.21Randstad Holding 4,856 298,785 0.02Recruit Holdings 36,700 912,206 0.07RELX - GB 32,999 776,279 0.06RELX - NL 31,618 727,636 0.06Robert Half International 4,832 268,369 0.02Rollins 3,600 167,508 0.01S&P Global 7,904 1,338,938 0.10Sabre 5,055 103,628 0.01Secom 6,300 475,758 0.04Securitas - Class B 14,696 257,034 0.02



221


QuantityMarket

Value USD % of

Net Assets

Commercial Services (1.99%) (continued) SGS - Registered 165 430,236 0.03Sohgo Security Services 2,000 108,833 0.01Square 8,200 284,294 0.02Temp Holdings 5,500 137,878 0.01Toppan Printing 20,000 180,914 0.01Total System Services 5,200 411,268 0.03TransUnion 5,000 274,800 0.02Transurban Group 70,613 686,508 0.05United Rentals 2,300 395,393 0.03Vantiv - Class A 4,900 360,395 0.03Verisk Analytics 5,396 518,016 0.04Western Union 9,167 174,265 0.01Wirecard 3,813 426,135 0.03

Computers (3.57%) Accenture - Class A 19,697 3,015,414 0.23Apple 165,176 27,952,734 2.16Atos 3,236 471,540 0.04BlackBerry 13,318 149,236 0.01Capgemini 4,840 574,736 0.04CGI Group - Class A 7,100 387,031 0.03Check Point Software Technologies 4,252 440,592 0.03Cognizant Technology Solutions - Class A 19,494 1,384,464 0.11Computershare 17,756 226,372 0.02Dell Technologies - Class V 6,177 502,067 0.04DXC Technology 9,636 914,456 0.07Fortinet 5,091 222,426 0.02Fujitsu 61,000 434,662 0.03Hewlett Packard Enterprise 56,395 809,832 0.06HP 53,295 1,119,728 0.09Ingenico Group 1,554 166,096 0.01International Business Machines 27,860 4,274,281 0.33Leidos Holdings 4,200 271,194 0.02NEC 7,500 202,397 0.02NetApp 7,955 440,071 0.03Nomura Research Institute 3,666 170,527 0.01NTT Data 28,500 338,762 0.03Obic 1,800 132,304 0.01Otsuka 1,200 92,037 0.01Seagate Technology 8,974 375,472 0.03TDK 3,600 287,297 0.02Teleperformance 984 141,141 0.01Western Digital 10,065 800,469 0.06

Cosmetics & Personal Care (1.61%) Beiersdorf 2,829 332,573 0.03Colgate-Palmolive 26,028 1,963,813 0.15Coty - Class A 12,700 252,603 0.02Essity 17,895 509,256 0.04Estee Lauder Companies - Class A 7,483 952,137 0.07Kao 15,800 1,068,621 0.08Kose 1,000 156,147 0.01Lion 8,200 155,411 0.01L'Oreal 8,227 1,827,118 0.14Pola Orbis Holdings 4,400 154,478 0.01Procter & Gamble 81,864 7,521,664 0.58Shiseido 13,200 638,146 0.05Unicharm 11,800 306,863 0.03Unilever 39,657 2,213,166 0.17Unilever - CVA 51,179 2,885,655 0.22

Distribution & Wholesale (0.58%) Bunzl 8,828 247,440 0.02Fastenal 9,339 510,750 0.04HD Supply Holdings 4,300 172,129 0.01ITOCHU 44,800 836,346 0.07Jardine Cycle & Carriage 4,276 130,129 0.01



222


QuantityMarket

Value USD % of

Net Assets

Distribution & Wholesale (0.58%) (continued) Li & Fung 164,000 90,000 0.01LKQ 7,900 321,293 0.03Marubeni 52,600 381,064 0.03Mitsubishi 48,100 1,329,208 0.10Mitsui & Co 54,900 892,826 0.07Rexel 15,589 283,035 0.02Sumitomo 40,900 695,282 0.05Toyota Tsusho 7,700 309,982 0.02Travis Perkins 9,429 199,872 0.02Wolseley 9,261 667,733 0.05WW Grainger 1,787 422,179 0.03

Diversified Financial Services (2.79%) Acom 5,500 23,191 0.00AEON Financial Service 3,500 81,527 0.01Affiliated Managers Group 1,800 369,450 0.03Alliance Data Systems 1,700 430,916 0.03Ally Financial 13,900 405,324 0.03American Express 23,743 2,357,917 0.18Ameriprise Financial 4,471 757,700 0.06Amundi 1,480 125,558 0.01ASX 4,821 206,863 0.02BlackRock 4,016 2,063,059 0.16CBOE Holdings 3,200 398,688 0.03Charles Schwab 37,815 1,942,557 0.15CI Financial 5,300 125,928 0.01CME Group 11,241 1,641,748 0.13Credit Saison 5,200 94,629 0.01Daiwa Securities Group 50,000 313,759 0.02Deutsche Boerse 6,213 722,183 0.06Discover Financial Services 11,483 883,272 0.07E*TRADE Financial 8,555 424,071 0.03Eaton Vance 3,517 198,324 0.01FNF Group 9,300 364,932 0.03Franklin Resources 9,275 401,886 0.03Hargreaves Lansdown 7,190 175,267 0.01Hong Kong Exchanges and Clearing 40,426 1,240,090 0.09IGM Financial 6,400 225,516 0.02Intercontinental Exchange 18,195 1,283,839 0.10Invesco 12,318 450,100 0.03Japan Exchange Group 17,300 301,157 0.02Julius Baer Group 7,663 468,666 0.04London Stock Exchange Group 9,799 502,785 0.04MasterCard - Class A 30,540 4,622,534 0.36Mebuki Financial Group 25,740 108,992 0.01Mitsubishi UFJ Lease & Finance 10,000 59,565 0.00Nasdaq 3,400 261,222 0.02Nomura Holdings 128,000 755,728 0.06ORIX 47,200 797,980 0.06Partners Group Holding 542 371,530 0.03Raymond James Financial 4,200 375,060 0.03Schroders 4,275 203,331 0.02SEI Investments 4,151 298,291 0.02Singapore Exchange 33,000 183,718 0.01Synchrony Financial 26,600 1,027,026 0.08T Rowe Price Group 6,903 724,332 0.06TD Ameritrade Holding 8,251 421,874 0.03Visa - Class A 57,993 6,612,362 0.51Worldpay Group 63,641 366,745 0.03

Electric (2.44%) AES 22,000 238,260 0.02AGL Energy 21,796 415,283 0.03Alliant Energy 7,728 329,290 0.03Ameren 7,305 430,922 0.03American Electric Power 14,258 1,048,961 0.08Atco - Class I 4,500 161,619 0.01



223


QuantityMarket

Value USD % of

Net Assets

Electric (2.44%) (continued) AusNet Services 82,000 115,766 0.01CenterPoint Energy 12,800 363,008 0.03Chubu Electric Power 18,200 226,268 0.02Chugoku Electric Power 9,400 101,051 0.01CLP Holdings 52,500 536,934 0.04CMS Energy 9,500 449,350 0.03Consolidated Edison 9,926 843,214 0.06Dominion Resources 19,485 1,579,454 0.12DONG Energy 6,348 346,763 0.03DTE Energy 4,677 511,944 0.04Duke Energy 22,185 1,865,980 0.14E.ON 74,827 814,152 0.06Edison International 9,745 616,274 0.05EDP - Energias de Portugal 73,802 255,673 0.02Electric Power Development 5,400 145,486 0.01Electricite de France 13,139 164,400 0.01Endesa 13,677 293,239 0.02Enel 264,541 1,629,600 0.13Engie 55,296 951,836 0.07Entergy 5,951 484,352 0.04Eversource Energy 9,284 586,563 0.05Exelon 31,033 1,223,011 0.09FirstEnergy 15,110 462,668 0.04Fortis 12,105 445,478 0.03Fortum 17,900 354,656 0.03HK Electric Investments 80,000 73,171 0.01Hydro One 6,300 112,630 0.01Iberdrola 189,723 1,471,713 0.11Innogy 4,279 167,891 0.01Kansai Electric Power 18,700 229,081 0.02Kyushu Electric Power 14,300 149,918 0.01Mercury 41,045 98,374 0.01Meridian Energy 34,480 71,727 0.01NextEra Energy 14,915 2,329,574 0.18OGE Energy 6,000 197,460 0.02Origin Energy 52,597 387,527 0.03PG&E 18,023 807,971 0.06Pinnacle West Capital 3,723 317,125 0.02Power Assets Holdings 40,500 341,675 0.03PPL 21,824 675,453 0.05Public Service Enterprise Group 15,273 786,560 0.06Red Electrica 12,643 284,050 0.02RWE 18,842 384,633 0.03SCANA 4,379 174,197 0.01Southern 31,975 1,537,678 0.12SSE 32,859 586,740 0.05Terna Rete Elettrica Nazionale 39,656 230,666 0.02Tohoku Electric Power 12,400 158,619 0.01Tokyo Electric Power 62,800 248,636 0.02Uniper 4,929 153,887 0.01Vistra Energy 6,700 122,744 0.01WEC Energy Group 9,557 634,872 0.05Westar Energy 3,700 195,360 0.01Xcel Energy 15,986 769,086 0.06

Electrical Components & Equipment (0.49%) Acuity Brands 1,373 241,648 0.02AMETEK 8,325 603,313 0.05Brother Industries 8,000 197,426 0.02Casio Computer 8,000 115,118 0.01Emerson Electric 19,973 1,391,918 0.11Legrand 8,621 664,501 0.05Mabuchi Motor 1,200 65,086 0.00Nidec 7,500 1,052,596 0.08OSRAM Licht 2,672 240,416 0.02Prysmian 5,601 182,871 0.01



224


QuantityMarket

Value USD % of

Net Assets

Electrical Components & Equipment (0.49%) (continued) Schneider Electric - FR 18,067 1,537,298 0.12Schneider Electric - GB 283 24,145 0.00

Electronics (1.39%) Agilent Technologies 10,519 704,457 0.05Allegion 3,400 270,504 0.02Alps Electric 7,000 200,089 0.02Amphenol - Class A 9,792 859,738 0.07Arrow Electronics 2,699 217,027 0.02Assa Abloy - Class B 31,130 647,884 0.05Avnet 2,859 113,274 0.01Corning 29,734 951,191 0.07Flextronics International 15,200 273,448 0.02FLIR Systems 4,526 211,002 0.02Fortive 9,511 688,121 0.05Garmin 3,650 217,430 0.02Hamamatsu Photonics 5,200 174,949 0.01Hirose Electric 984 143,866 0.01Hitachi High-Technologies 400 16,866 0.00Honeywell International 23,573 3,615,155 0.28Hoya 11,100 554,557 0.04Keyence 3,180 1,781,816 0.14Koninklijke Philips 30,318 1,148,241 0.09Kyocera 11,100 726,501 0.06Mettler-Toledo International 900 557,568 0.04Minebea 12,900 270,596 0.02Murata Manufacturing 6,100 818,748 0.06Nippon Electric Glass 2,400 91,611 0.01Omron 7,400 441,438 0.03Sensata Technologies Holding 4,800 245,328 0.02TE Connectivity 11,570 1,099,613 0.09Trimble 7,800 316,992 0.02Waters 2,782 537,454 0.04Yokogawa Electric 6,700 128,350 0.01

Energy - Alternate Sources (0.04%) Siemens Gamesa Renewable 4,933 67,706 0.00Vestas Wind Systems 7,020 485,481 0.04

Engineering & Construction (0.53%) ACS Actividades de Construccion y Servicios 6,488 254,136 0.02Aena 1,807 366,704 0.03Aeroports de Paris 1,220 232,199 0.02Auckland International Airport 17,872 82,364 0.01Boskalis Westminster 2,858 107,864 0.01Bouygues 6,029 313,548 0.02Cheung Kong Infrastructure Holdings 24,000 206,158 0.02CIMIC Group 597 24,024 0.00Eiffage 1,881 206,310 0.02Ferrovial 15,452 351,149 0.03Fluor 3,486 180,052 0.01Fraport Frankfurt Airport Services Worldwide 1,597 176,158 0.01HOCHTIEF 787 139,486 0.01Jacobs Engineering Group 2,582 170,309 0.01Japan Airport Terminal 1,600 59,370 0.00JGC 7,000 135,402 0.01Kajima 26,000 250,191 0.02LendLease Group 12,274 156,962 0.01Obayashi 23,000 278,491 0.02SATS 39,800 154,864 0.01Shimizu 18,000 185,992 0.01Singapore Technologies Engineering 33,000 80,500 0.01Skanska - Class B 9,352 194,179 0.02SNC-Lavalin Group 6,397 291,272 0.02Sydney Airport 32,794 180,831 0.01Taisei 8,000 398,402 0.03Vinci 17,146 1,753,146 0.14



225


QuantityMarket

Value USD % of

Net Assets

Entertainment (0.18%) Aristocrat Leisure 13,531 250,823 0.02Genting Singapore 160,000 156,839 0.01Merlin Entertainments 23,999 117,814 0.01Oriental Land 7,100 647,288 0.05Paddy Power Betfair 2,714 323,290 0.02Sankyo 1,600 50,351 0.00Sega Sammy Holdings 7,300 90,594 0.01Tabcorp Holdings 74,174 323,725 0.02Toho 2,800 97,062 0.01Vail Resorts 1,600 339,952 0.03

Environmental Control (0.20%) Kurita Water Industries 4,300 139,707 0.01Republic Services 6,549 442,778 0.04Stericycle 2,170 147,538 0.01Waste Connections 8,858 628,386 0.05Waste Management 14,019 1,209,840 0.09

Food (2.70%) Ajinomoto 15,400 289,955 0.02Aramark 6,500 277,810 0.02Associated British Foods 10,639 405,852 0.03Barry Callebaut - Registered 82 171,068 0.01Calbee 3,100 100,857 0.01Campbell Soup 5,519 265,519 0.02Carrefour 15,834 343,003 0.03Casino Guichard Perrachon 2,241 136,057 0.01Chocoladefabriken Lindt & Spruengli 34 207,594 0.02Chocoladefabriken Lindt & Spruengli - Registered 3 216,988 0.02Chr Hansen Holding 3,444 323,271 0.02Colruyt 2,138 111,319 0.01Compass Group 55,639 1,204,250 0.09ConAgra Foods 13,707 516,343 0.04Danone 19,195 1,612,303 0.12Empire - Class A 4,800 93,820 0.01First Pacific 63,000 42,713 0.00Frutarom Industries 2,297 216,027 0.02General Mills 16,918 1,003,068 0.08George Weston 2,400 209,094 0.02Hershey 4,693 532,702 0.04Hormel Foods 8,316 302,619 0.02ICA Gruppen 2,952 107,408 0.01Ingredion 2,000 279,600 0.02J Sainsbury 32,316 105,529 0.01Jeronimo Martins 11,746 228,424 0.02JM Smucker 4,054 503,669 0.04Kellogg 8,778 596,728 0.05Kerry Group - Class A 5,163 579,675 0.04Kikkoman 5,000 202,397 0.01Koninklijke Ahold Delhaize 40,113 883,155 0.07Kraft Heinz 19,956 1,551,779 0.12Kroger 29,898 820,700 0.06Loblaw 6,185 336,758 0.03Marine Harvest 11,125 189,058 0.01McCormick & Co - Non-Voting Shares 3,840 391,334 0.03MEIJI Holdings 4,200 357,550 0.03Metro 7,100 228,082 0.02METRO 5,766 115,282 0.01Mondelez International - Class A 48,189 2,062,489 0.16Nestle - Registered 98,801 8,496,176 0.65NH Foods 6,000 146,365 0.01Nisshin Seifun Group 5,445 110,012 0.01Nissin Foods Holdings 2,500 182,645 0.01Orkla 31,960 340,139 0.03Saputo 7,400 266,836 0.02Seven & i Holdings 24,400 1,014,338 0.08Sodexo 3,602 484,648 0.04



226


QuantityMarket

Value USD % of

Net Assets

Food (2.70%) (continued) Sysco 16,174 982,247 0.07Tesco 259,339 734,092 0.06Toyo Suisan Kaisha 3,000 128,229 0.01Tyson Foods - Class A 9,800 794,486 0.06Wesfarmers 36,433 1,265,796 0.10WH Group 300,500 339,044 0.03Wilmar International 101,900 235,611 0.02WM Morrison Supermarkets 58,701 174,618 0.01Woolworths 42,791 913,703 0.07Yakult Honsha 2,500 188,637 0.01Yamazaki Baking 4,500 87,763 0.01

Forest Products & Paper (0.16%) International Paper 12,415 719,325 0.06Mondi 10,512 274,590 0.02Oji Holdings 20,000 133,156 0.01Stora Enso - Class R 19,315 306,617 0.02UPM-Kymmene 16,265 506,049 0.04West Fraser Timber 2,400 148,584 0.01

Gas (0.44%) Atmos Energy 4,315 370,615 0.03Canadian Utilities - Class A 4,200 125,402 0.01Centrica 189,985 352,864 0.03Enagas 8,559 245,327 0.02Gas Natural SDG 8,182 189,130 0.01Hong Kong & China Gas 341,617 669,486 0.05National Grid 118,308 1,400,520 0.11NiSource 9,500 243,865 0.02Osaka Gas 16,600 319,769 0.02Sempra Energy 7,086 757,635 0.06Snam 84,701 414,973 0.03Toho Gas 2,000 54,860 0.00Tokyo Gas 14,400 329,609 0.03UGI 4,900 230,055 0.02

Hand & Machine Tools (0.34%) Disco 900 200,293 0.02Finning International 5,400 136,708 0.01Fuji Electric 17,000 128,122 0.01Makita 6,700 281,620 0.02Sandvik 39,791 698,378 0.05Schindler Holding 1,719 395,661 0.03Schindler Holding - Registered 593 134,178 0.01SMC 1,900 782,264 0.06Snap-on 1,600 278,880 0.02Stanley Black & Decker 4,601 780,744 0.06Techtronic Industries 60,500 394,314 0.03THK 4,800 180,240 0.02

Healthcare Products (2.20%) Abbott Laboratories 54,624 3,117,392 0.24Align Technology 2,800 622,132 0.05Arjo AB 1,619 4,629 0.00Baxter International 14,992 969,083 0.07Becton Dickinson & Co 8,143 1,742,990 0.13Boston Scientific 42,996 1,065,871 0.08Cochlear 1,638 219,373 0.02Coloplast - Class B 4,631 368,589 0.03ConvaTec Group 33,324 92,637 0.01Cooper Companies 1,600 348,608 0.03CYBERDYNE 4,400 75,814 0.01Danaher 20,023 1,858,535 0.14DENTSPLY SIRONA 7,415 488,129 0.04Edwards Lifesciences 7,500 845,325 0.06Essilor International 6,307 870,568 0.07Fisher & Paykel Healthcare 14,182 144,738 0.01



227


QuantityMarket

Value USD % of

Net Assets

Healthcare Products (2.20%) (continued) Getinge - Class B 4,532 65,870 0.00Henry Schein 4,792 334,865 0.03Hologic 10,719 458,237 0.04IDEXX Laboratories 3,000 469,140 0.04Intuitive Surgical 3,810 1,390,421 0.11Lonza Group - Registered 2,697 728,702 0.06Medtronic 43,484 3,511,333 0.27Olympus 7,800 299,121 0.02QIAGEN 6,199 194,952 0.01ResMed 5,000 423,450 0.03Shimadzu 7,000 159,201 0.01Smith & Nephew 31,787 553,838 0.04Sonova Holding - Registered 1,870 292,062 0.02Straumann Holding - Registered 378 267,063 0.02Stryker 10,709 1,658,182 0.13Sysmex 5,100 401,571 0.03Teleflex 1,900 472,758 0.04Terumo 8,900 421,891 0.03Thermo Fisher Scientific 12,809 2,432,173 0.19Varian Medical Systems 2,651 294,659 0.02William Demant Holding 5,615 157,119 0.01Zimmer Biomet Holdings 6,356 766,978 0.06

Healthcare Services (1.50%) Aetna 10,309 1,859,641 0.14Anthem 8,195 1,843,957 0.14Centene 5,719 576,933 0.04Cigna 7,915 1,607,457 0.12DaVita HealthCare Partners 5,180 374,255 0.03Envision Healthcare 2,791 96,457 0.01Eurofins Scientific 322 196,267 0.02Fresenius & Co 13,525 1,056,790 0.08Fresenius Medical Care & Co 7,523 792,971 0.06HCA Healthcare 8,700 764,208 0.06Healthscope 56,875 93,418 0.01Humana 4,485 1,112,594 0.09IQVIA Holdings 4,443 434,970 0.03Laboratory 3,091 493,045 0.04Mediclinic International 20,206 177,532 0.01Quest Diagnostics 4,612 454,236 0.04Ramsay Health Care 3,358 184,167 0.01Ryman Healthcare 11,816 88,994 0.01Sonic Healthcare 7,451 133,224 0.01UnitedHealth Group 30,939 6,820,812 0.53Universal Health Services - Class B 2,600 294,710 0.02

Holding Companies - Diversified Operations (0.24%) Bollore 39,164 212,943 0.02Bollore 223 1,218 0.00CK Hutchison Holdings 88,220 1,107,081 0.08Industrivarden - Class C 4,435 109,690 0.01Jardine Matheson Holdings 6,600 400,950 0.03Jardine Strategic Holdings 6,000 237,480 0.02Keppel 47,500 261,243 0.02Leucadia National 10,047 266,145 0.02NWS Holdings 31,628 57,047 0.00Swire Pacific - Class A 13,000 120,317 0.01Wendel 1,154 200,098 0.02Wharf Holdings 39,100 135,047 0.01

Home Builders (0.34%) Barratt Developments 28,685 251,254 0.02Berkeley Group Holdings 3,863 219,321 0.02Daiwa House Industry 17,300 664,510 0.05DR Horton 10,900 556,663 0.04Iida Group Holdings 4,700 88,660 0.01Lennar - Class A 6,200 392,088 0.03



228


QuantityMarket

Value USD % of

Net Assets

Home Builders (0.34%) (continued) NVR 110 385,904 0.03Persimmon 11,100 411,125 0.03PulteGroup 10,400 345,800 0.03Sekisui Chemical 15,400 309,230 0.03Sekisui House 16,900 305,370 0.02Taylor Wimpey 98,312 274,495 0.02Toll Brothers 3,410 163,748 0.01

Home Furnishings (0.33%) Electrolux - Class B 8,373 270,288 0.02Hoshizaki Electric 1,600 141,891 0.01Leggett & Platt 5,186 247,528 0.02Panasonic 74,300 1,087,953 0.08SEB 893 165,619 0.01Sharp 3,200 109,933 0.01Sony 41,700 1,881,590 0.15Whirlpool 2,300 387,872 0.03

Household Products (0.45%) Avery Dennison 3,245 372,721 0.03Church & Dwight 7,776 390,122 0.03Clorox 4,316 641,962 0.05Henkel & Co 3,971 476,838 0.03Kimberly-Clark 11,601 1,399,777 0.11Newell Brands 14,145 437,080 0.03Reckitt Benckiser Group 20,964 1,962,162 0.15Societe BIC 965 106,213 0.01Spectrum Brands Holdings 1,100 123,640 0.01

Insurance (4.75%) Admiral Group 7,428 201,165 0.02Aegon 59,831 381,857 0.03Aflac 12,375 1,086,277 0.08Ageas 5,896 288,259 0.02AIA Group 383,600 3,270,559 0.25Alleghany 636 379,113 0.03Allianz - Registered 14,383 3,307,417 0.26Allstate 11,156 1,168,145 0.09American Financial Group 3,000 325,620 0.03American International Group 30,727 1,830,715 0.14AMP 93,156 378,154 0.03Aon 8,103 1,085,802 0.08Arch Capital Group 3,279 297,635 0.02Arthur J Gallagher & Co 5,084 321,715 0.03Assicurazioni Generali 37,321 681,189 0.05Assurant 2,064 208,134 0.02Athene Holding 2,700 139,617 0.01Aviva 139,042 952,671 0.07AXA 61,639 1,830,789 0.14Axis Capital Holdings 2,621 131,731 0.01Baloise Holding - Registered 1,595 248,293 0.02Berkshire Hathaway - Class B 39,940 7,916,907 0.61Brighthouse Financial 2,843 166,714 0.01Challenger 16,509 181,163 0.01Chubb 15,266 2,230,821 0.17Cincinnati Financial 5,952 446,221 0.04CNP Assurances 7,619 176,162 0.01Dai-ichi Life Insurance 31,900 658,106 0.05Direct Line Insurance Group 31,287 161,549 0.01Everest Re Group 1,392 307,994 0.02Fairfax Financial Holdings 879 469,572 0.04Gjensidige Forsikring 10,431 197,542 0.02Great-West Lifeco 7,800 218,508 0.02Hannover Rueck 2,421 304,959 0.02Hartford Financial Services Group 12,289 691,625 0.05Industrial Alliance Insurance & Financial Services 3,400 162,327 0.01Insurance Australia Group 71,693 405,981 0.03



229


QuantityMarket

Value USD % of

Net Assets

Insurance (4.75%) (continued) Intact Financial 4,887 409,502 0.03Japan Post Holdings 45,900 526,434 0.04Legal & General Group 203,765 753,332 0.06Lincoln National 6,400 491,968 0.04Loews 9,077 454,122 0.04Manulife Financial 61,914 1,295,650 0.10Mapfre 48,110 154,709 0.01Markel 500 569,565 0.04Marsh & McLennan Companies 15,384 1,252,104 0.10Medibank Private 121,825 313,489 0.02MetLife 28,781 1,455,167 0.11MS&AD Insurance Group Holdings 14,100 477,385 0.04Münchener Rückversicherungs-Gesellschaft - Registered 4,568 991,460 0.08NN Group 9,973 432,558 0.03Old Mutual 169,941 532,650 0.04Poste Italiane 15,354 115,693 0.01Power 10,869 280,801 0.02Power Financial 9,739 268,474 0.02Principal Financial Group 9,296 655,926 0.05Progressive 17,825 1,003,904 0.08Prudential 81,762 2,107,550 0.16Prudential Financial 13,584 1,561,888 0.12QBE Insurance Group 42,625 356,062 0.03Reinsurance Group of America 2,600 405,418 0.03RenaissanceRe Holdings 1,200 150,708 0.01RSA Insurance Group 29,423 251,747 0.02Sampo - Class A 12,824 705,277 0.06SCOR 7,324 295,017 0.02Sompo Holdings 11,400 441,630 0.03Sony Financial Holdings 5,900 104,540 0.01St James's Place 20,936 347,218 0.03Standard Life 76,492 451,770 0.04Sun Life Financial 19,470 806,180 0.06Suncorp Group 33,070 358,499 0.03Swiss Life Holding - Registered 1,057 374,207 0.03Swiss Re 10,218 956,791 0.07T&D Holdings 17,500 299,356 0.02Tokio Marine Holdings 20,200 921,866 0.07Torchmark 4,078 369,915 0.03Travelers Companies 8,822 1,196,616 0.09Tryg 2,609 65,305 0.01UnipolSai 24,796 57,972 0.01Unum Group 7,781 427,099 0.03Voya Financial 4,300 212,721 0.02Willis Towers Watson 4,413 664,995 0.05WR Berkley 3,151 225,769 0.02XL Group 8,616 302,939 0.02Zurich Insurance Group 4,936 1,502,327 0.12

Internet (4.79%) Alphabet - Class A 9,635 10,149,509 0.78Alphabet - Class C 10,032 10,497,485 0.81Amazon.com 13,072 15,287,312 1.18Auto Trader Group 25,044 119,523 0.01CDW 4,937 343,072 0.03eBay 34,243 1,292,331 0.10Expedia 3,425 410,212 0.03F5 Networks 2,700 354,294 0.03Facebook - Class A 76,125 13,433,017 1.04IAC 2,400 293,472 0.02Iliad 770 184,692 0.01Kakaku.com 4,000 67,643 0.01M3 3,300 116,152 0.01MercadoLibre 1,200 377,592 0.03Netflix 14,100 2,706,636 0.21Palo Alto Networks 3,100 449,314 0.03Priceline Group 1,609 2,796,024 0.22



230


QuantityMarket

Value USD % of

Net Assets

Internet (4.79%) (continued) Rakuten 32,800 300,630 0.02SBI Holdings 8,380 175,262 0.01Seek 12,098 179,881 0.01Shopify 2,300 233,332 0.02Start Today 6,300 191,545 0.01Symantec 20,975 588,559 0.05Trend Micro 4,900 277,949 0.02TripAdvisor 1,200 41,352 0.00Twitter 17,500 420,175 0.03United Internet - Registered 4,686 322,649 0.03VeriSign 2,017 230,825 0.02Yahoo Japan 37,300 171,186 0.01Zillow Group - Class C 2,400 98,208 0.01

Investment Companies (0.12%) EXOR 3,509 215,315 0.02Groupe Bruxelles Lambert 3,111 336,175 0.03Investment Kinnevik - Class B 8,242 279,146 0.02Investor - Class B 12,413 567,170 0.04L E Lundbergforetagen - Class B 365 27,328 0.00Pargesa Holding 1,460 126,598 0.01

Iron & Steel (0.30%) ArcelorMittal 22,982 748,287 0.06BlueScope Steel 18,093 217,508 0.02Fortescue Metals Group 44,199 168,703 0.01Hitachi Metals 7,000 100,541 0.01JFE Holdings 15,000 360,320 0.03Kobe Steel 9,600 89,055 0.01Nippon Steel & Sumitomo Metal 22,689 582,280 0.04Nucor 11,243 714,830 0.05Steel Dynamics 9,100 392,483 0.03ThyssenKrupp 10,581 307,668 0.02Voestalpine 4,336 259,526 0.02

Leisure Time (0.29%) Carnival - GB 5,937 392,890 0.03Carnival - US 10,788 716,000 0.06Flight Centre Travel Group 2,267 78,443 0.01Harley-Davidson 5,055 257,198 0.02Norwegian Cruise Line Holdings 5,300 282,225 0.02Polaris Industries 2,000 247,980 0.02Royal Caribbean Cruises 5,593 667,133 0.05Shimano 2,300 323,613 0.03TUI 13,813 287,757 0.02Yamaha 5,000 184,643 0.01Yamaha Motor 8,500 278,806 0.02

Lodging (0.53%) Accor 4,349 224,558 0.02City Developments 6,800 63,553 0.00Crown Resorts 11,469 116,796 0.01Galaxy Entertainment Group 76,000 609,571 0.05Golden Resorts Group 122,000 117,048 0.01HiltonWorldwide Holdings 6,266 500,403 0.04InterContinental Hotels Group 6,741 430,320 0.03Las Vegas Sands 13,164 914,766 0.07Marriott International - Class A 10,623 1,441,860 0.11Melco Crown Entertainment - ADR 7,100 206,184 0.02MGM China Holdings 26,800 81,079 0.01MGM Resorts International 14,359 479,447 0.04Sands China 87,200 450,094 0.03Shangri-La Asia 13,000 29,501 0.00SJM Holdings 50,000 44,773 0.00Whitbread 5,768 312,106 0.02Wyndham Worldwide 3,300 382,371 0.03



231


QuantityMarket

Value USD % of

Net Assets

Lodging (0.53%) (continued) Wynn Macau 39,600 125,376 0.01Wynn Resorts 2,303 388,263 0.03

Machinery - Construction & Mining (0.74%) ABB - Registered 59,433 1,593,012 0.12Atlas Copco - Class A 19,646 849,907 0.07Atlas Copco - Class B 13,433 516,155 0.04Caterpillar 19,413 3,059,100 0.24Hitachi 156,000 1,215,734 0.09Hitachi Construction Machinery 3,200 116,325 0.01Komatsu 32,100 1,162,040 0.09Mitsubishi Electric 64,400 1,069,903 0.08

Machinery - Diversified (0.96%) AGCO 2,569 183,504 0.01Alstom 4,308 179,013 0.01Amada Holdings 12,000 163,409 0.01ANDRITZ 3,956 223,671 0.02CNH Industrial 36,004 482,919 0.04Cognex 5,900 360,844 0.03Cummins 5,522 975,406 0.08Daifuku 2,600 141,713 0.01Deere & Co 8,361 1,308,580 0.10FANUC 6,300 1,513,342 0.12Flowserve 5,000 210,650 0.02GEA Group 4,783 229,795 0.02Hexagon - Class B 7,995 401,239 0.03Husqvarna - Class B 22,313 212,842 0.02IDEX 2,600 343,122 0.03KION Group 1,697 146,678 0.01Kone - Class B 10,663 573,369 0.04Kubota 35,800 702,176 0.05MAN 1,322 151,444 0.01Metso 4,029 137,739 0.01Middleby 2,200 296,890 0.02Mitsubishi Heavy Industries 11,300 422,308 0.03Nabtesco 3,700 141,891 0.01Rockwell Automation 4,480 879,648 0.07Roper Technologies 3,178 823,102 0.06Sumitomo Heavy Industries 2,800 118,562 0.01Wabtec 2,800 228,004 0.02Weir Group 6,417 184,289 0.01Xylem 5,181 353,344 0.03Yaskawa Electric 7,500 330,559 0.03

Media (1.97%) Altice - Class A 13,802 144,951 0.01Axel Springer 1,038 81,180 0.01CBS - Class B - Non-Voting Shares 11,748 693,132 0.05Charter Communications - Class A 6,357 2,135,698 0.16Comcast - Class A 149,626 5,992,521 0.46Discovery Communications - Class A 4,565 102,165 0.01Discovery Communications - Class C 8,477 179,458 0.01DISH Network - Class A 7,118 339,885 0.03ITV 120,866 270,595 0.02Lagardere 3,695 118,600 0.01Liberty Broadband - Class C 3,100 263,996 0.02Liberty Global - Class A 5,942 212,961 0.02Liberty Global - Class C 17,843 603,807 0.05Liberty Media Group 7,900 269,864 0.02Liberty SiriusXM Group - Class A 5,300 210,198 0.02Liberty SiriusXM Group - Class C 5,300 210,198 0.02News - Class A 19,540 316,743 0.02Pearson 32,755 326,117 0.02ProSiebenSat.1 Media 6,165 212,501 0.02RTL Group 1,033 83,196 0.01Schibsted - Class B 2,566 68,390 0.00



232


QuantityMarket

Value USD % of

Net Assets

Media (1.97%) (continued) Scripps Networks Interactive - Class A 2,282 194,837 0.01Shaw Communications - Class B 11,936 273,310 0.02Singapore Press Holdings 44,000 87,249 0.01Sirius XM Holdings 64,193 344,075 0.03Sky 31,365 429,382 0.03Telenet Group Holding 2,137 149,065 0.01Thomson Reuters 8,725 381,534 0.03Time Warner 25,388 2,322,240 0.18Twenty-First Century Fox - Class A 32,461 1,120,878 0.09Twenty-First Century Fox - Class B 16,300 556,156 0.04Viacom - Class B 10,084 310,688 0.02Vivendi 29,856 803,782 0.06Walt Disney 49,212 5,290,782 0.41Wolters Kluwer 9,565 499,396 0.04

Metal Fabricate & Hardware (0.07%) Maruichi Steel Tube 1,000 29,294 0.00MISUMI Group 7,300 212,552 0.01NSK 14,300 225,195 0.02SKF - Class B 10,611 236,131 0.02Tenaris 15,770 249,206 0.02

Mining (1.34%) Agnico Eagle Mines 6,863 317,913 0.02Alumina 110,396 209,821 0.02Anglo American 42,649 893,960 0.07Antofagasta 10,714 145,658 0.01Barrick Gold 42,288 613,589 0.05BHP Billiton - AU 103,284 2,388,771 0.18BHP Billiton - GB 70,866 1,459,529 0.11Boliden 9,159 313,895 0.02Cameco 11,998 111,175 0.01First Quantum Minerals 18,244 256,416 0.02Franco-Nevada 5,675 455,015 0.03Freeport-McMoRan 43,227 819,584 0.06Fresnillo 9,492 183,488 0.01Glencore 385,697 2,034,831 0.16Goldcorp 28,641 366,427 0.03Kinross Gold 40,755 176,298 0.01Lundin Mining 23,700 158,132 0.01Mitsubishi Materials 6,400 227,821 0.02Newcrest Mining 23,144 413,089 0.03Newmont Mining 16,139 605,535 0.05Norsk Hydro 36,733 280,010 0.02Randgold Resources 3,291 329,886 0.03Rio Tinto - AU 13,009 771,366 0.06Rio Tinto - GB 38,349 2,044,976 0.16South32 - AU 85,175 232,502 0.02South32 - GB 75,794 207,880 0.02Sumitomo Metal Mining 9,500 436,671 0.03Teck Resources - Class B 17,859 468,515 0.04Turquoise Hill Resources 20,948 71,724 0.01Wheaton Precious Metals 14,983 332,318 0.03

Miscellaneous Manufacturers (1.65%) 3M 19,331 4,549,937 0.35Alfa Laval 8,610 203,801 0.02AO Smith 4,500 275,760 0.02Bombardier - Class B 57,200 138,326 0.01Dover 4,751 479,804 0.04Eaton 14,152 1,118,150 0.09FUJIFILM Holdings 15,300 625,446 0.05General Electric 276,627 4,827,141 0.37Illinois Tool Works 9,800 1,635,130 0.13IMI 13,118 236,546 0.02Ingersoll-Rand 7,906 705,136 0.05Nikon 9,800 197,479 0.01



233


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Net Assets

Miscellaneous Manufacturers (1.65%) (continued) Orica 12,977 183,714 0.01Parker-Hannifin 3,986 795,526 0.06Pentair 5,428 383,325 0.03Siemens - Registered 24,511 3,418,621 0.26Smiths Group 10,755 216,778 0.02Textron 9,165 518,647 0.04Toshiba 197,000 554,363 0.04Wartsila 5,922 374,046 0.03

Office & Business Equipment (0.15%) Canon 33,100 1,234,088 0.10Konica Minolta 10,900 104,888 0.01Ricoh 19,000 176,591 0.01Seiko Epson 7,500 177,031 0.01Xerox 6,955 202,738 0.02

Oil & Gas (5.17%) Anadarko Petroleum 18,134 972,708 0.07ANDEAVOR 4,800 548,832 0.04Antero Resources 4,300 81,700 0.01Apache 13,190 556,882 0.04ARC Resources 14,984 176,395 0.01BP 633,414 4,478,758 0.35Cabot Oil & Gas 15,608 446,389 0.03Caltex Australia 9,708 258,546 0.02Canadian Natural Resources 33,945 1,216,976 0.09Cenovus Energy 29,925 274,184 0.02Chevron 60,714 7,600,786 0.59Cimarex Energy 2,600 317,226 0.02Concho Resources 4,500 675,990 0.05ConocoPhillips 39,025 2,142,082 0.17Continental Resources 2,900 153,613 0.01Crescent Point Energy 21,677 165,741 0.01DCC 2,743 276,996 0.02Devon Energy 18,407 762,050 0.06Diamondback Energy 2,800 353,500 0.03Encana 28,120 376,370 0.03Eni 79,362 1,315,111 0.10EOG Resources 17,876 1,928,999 0.15EQT 8,023 456,669 0.04Exxon Mobil 134,990 11,290,564 0.87Galp Energia 13,574 249,792 0.02Helmerich & Payne 4,850 313,504 0.02Hess 9,737 462,215 0.04HollyFrontier 6,522 334,057 0.03Husky Energy 10,539 149,301 0.01Idemitsu Kosan 3,400 136,573 0.01Imperial Oil 8,681 271,803 0.02Inpex 35,900 449,029 0.03JXTG Holdings 103,500 667,949 0.05Lundin Petroleum 5,212 119,550 0.01Marathon Oil 26,294 445,157 0.03Marathon Petroleum 16,916 1,116,118 0.09Neste 5,230 335,048 0.03Newfield Exploration 5,400 170,262 0.01Noble Energy 14,288 416,352 0.03Occidental Petroleum 25,703 1,893,283 0.15Oil Search 40,299 245,540 0.02OMV 5,359 339,966 0.03Parsley Energy - Class A 8,000 235,520 0.02Phillips 66 13,235 1,338,720 0.10Pioneer Natural Resources 5,604 968,651 0.07PrairieSky Royalty 5,863 150,020 0.01Range Resources 7,018 119,727 0.01Repsol 40,431 715,863 0.06Royal Dutch Shell - Class A 143,582 4,816,917 0.37Royal Dutch Shell - Class B 118,367 4,016,634 0.31



234


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Value USD % of

Net Assets

Oil & Gas (5.17%) (continued) Santos 56,262 239,829 0.02Seven Generations Energy - Class A 9,300 131,972 0.01Showa Shell Sekiyu 5,600 76,059 0.01Statoil 36,425 780,216 0.06Suncor Energy 52,434 1,931,305 0.15Total 76,883 4,250,926 0.33Tourmaline Oil 9,300 169,084 0.01Valero Energy 14,295 1,313,853 0.10Vermilion Energy 5,432 198,040 0.02Woodside Petroleum 26,025 673,359 0.05

Oil & Gas Services (0.44%) Barker Hughes 14,789 467,924 0.04Halliburton 26,987 1,318,855 0.10John Wood Group 19,040 167,416 0.01National Oilwell Varco 11,188 402,992 0.03Schlumberger 44,669 3,010,244 0.23TechnipFMC - FR 539 16,731 0.00TechnipFMC - US 11,442 358,249 0.03

Packaging & Containers (0.19%) Amcor 36,116 435,586 0.03Ball 10,142 383,875 0.03CCL Industries - Class B 4,300 199,325 0.02Crown Holdings 3,561 200,306 0.02Packaging Corp of America 3,383 407,820 0.03Sealed Air 5,700 281,010 0.02Toyo Seikan Group Holdings 2,800 44,989 0.00WestRock 7,785 492,090 0.04

Pharmaceuticals & Biotechnology (7.67%) AbbVie 51,329 4,964,028 0.38Alexion Pharmaceuticals 7,520 899,317 0.07Alfresa Holdings 6,000 140,985 0.01Alkermes 4,800 262,704 0.02Allergan 10,532 1,722,825 0.13Alnylam Pharmaceuticals 3,100 393,855 0.03AmerisourceBergen 5,901 541,830 0.04Amgen 23,718 4,124,560 0.32Astellas Pharma 64,800 826,610 0.06AstraZeneca 39,849 2,760,512 0.21Bayer - Registered 27,019 3,374,220 0.26Biogen 6,993 2,227,760 0.17BioMarin Pharmaceutical 6,100 543,937 0.04Bristol-Myers Squibb 53,932 3,304,953 0.26Cardinal Health 10,329 632,858 0.05Celgene 24,588 2,566,004 0.20Chugai Pharmaceutical 6,700 343,178 0.03CSL 14,395 1,590,904 0.12Daiichi Sankyo 17,800 464,080 0.04Eisai 8,400 478,423 0.04Eli Lilly & Co 31,866 2,691,402 0.21Express Scripts Holding 19,850 1,481,604 0.11Genmab 1,734 287,769 0.02Gilead Sciences 40,693 2,915,246 0.23GlaxoSmithKline 159,263 2,849,234 0.22Grifols 11,360 333,184 0.03H Lundbeck 265 13,463 0.00Hisamitsu Pharmaceutical 1,800 109,134 0.01Illumina 4,810 1,050,937 0.08Incyte 6,100 577,731 0.04Ipsen 907 108,444 0.01Jazz Pharmaceuticals 2,000 269,300 0.02Johnson & Johnson 85,802 11,988,255 0.92Kyowa Hakko Kirin 4,700 90,913 0.01McKesson 6,693 1,043,773 0.08Medipal Holdings 8,200 160,652 0.01



235


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Value USD % of

Net Assets

Pharmaceuticals & Biotechnology (7.67%) (continued) Merck 4,047 436,153 0.03Merck & Co 87,463 4,921,543 0.38Mitsubishi Tanabe Pharma 6,000 124,208 0.01Mylan 15,900 672,729 0.05Novartis - Registered 71,691 6,061,917 0.47Novo Nordisk - Class B 58,684 3,165,892 0.24Ono Pharmaceutical 11,600 270,409 0.02Orion - Class B 4,166 155,479 0.01Otsuka Holdings 12,700 557,830 0.04Perrigo 3,572 311,335 0.02Pfizer 191,636 6,941,056 0.54Recordati 3,805 169,329 0.01Regeneron Pharmaceuticals 2,400 902,304 0.07Roche Holding 22,803 5,768,024 0.44Sanofi 35,564 3,068,373 0.24Santen Pharmaceutical 8,600 135,203 0.01Seattle Genetics 3,900 208,650 0.02Shionogi & Co 8,500 460,049 0.04Shire 28,339 1,495,087 0.12Sumitomo Dainippon Pharma 900 13,374 0.00Suzuken 3,080 126,727 0.01Taisho Pharmaceutical Holdings 1,900 151,798 0.01Takeda Pharmaceutical 23,200 1,318,271 0.10TESARO 1,000 82,870 0.01Teva Pharmaceutical Industries - ADR 30,989 587,242 0.05UCB 5,012 398,298 0.03United Therapeutics 1,492 220,741 0.02Valeant Pharmaceuticals International 7,995 167,181 0.01Vertex Pharmaceuticals 7,781 1,166,061 0.09Vifor Pharma 1,300 166,619 0.01Zoetis 16,337 1,176,917 0.09

Pipelines (0.64%) AltaGas 6,271 143,243 0.01APA Group 38,087 248,149 0.02Cheniere Energy 5,600 301,504 0.02Enbridge - CA 44,062 1,728,790 0.13Enbridge - US 8,267 323,322 0.02Inter Pipeline 9,949 206,690 0.02Keyera 4,465 126,222 0.01Kinder Morgan 69,128 1,249,143 0.10Koninklijke Vopak 2,193 96,302 0.01ONEOK 13,666 730,448 0.06Pembina Pipeline 16,049 582,936 0.05Plains GP Holdings - Class A 2,554 56,060 0.00Targa Resources 6,100 295,362 0.02TransCanada 28,636 1,398,261 0.11Williams Companies 27,383 834,908 0.06

Private Equity (0.18%) 3i Group 31,897 394,163 0.03Brookfield Asset Management - Class A 27,749 1,211,880 0.10Eurazeo 1,591 147,106 0.01Onex 3,800 279,598 0.02Wharf Real Estate Investment 39,100 260,090 0.02

Real Estate (0.71%) Aeon Mall 3,720 72,782 0.01Azrieli Group 2,359 132,028 0.01CapitaLand 98,150 259,256 0.02CBRE Group - Class A 9,858 426,950 0.03CK Asset Holdings 93,720 818,835 0.06Daito Trust Construction 2,100 428,296 0.03Deutsche Wohnen 10,681 467,627 0.04First Capital Realty 3,700 61,187 0.00Global Logistic Properties 69,000 173,997 0.01Hang Lung Group 6,000 22,066 0.00



236


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Net Assets

Real Estate (0.71%) (continued) Hang Lung Properties 58,000 141,711 0.01Henderson Land Development 57,733 380,342 0.03Hongkong Land Holdings 22,400 157,696 0.01Hulic 16,600 186,557 0.01Hysan Development 11,236 59,577 0.00Jones Lang LaSalle 1,419 211,332 0.02Kerry Properties 46,500 209,084 0.02Mitsubishi Estate 42,400 737,719 0.06Mitsui Fudosan 30,600 685,885 0.05New World Development 188,299 282,787 0.02Nomura Real Estate Holdings 4,400 98,663 0.01REA Group 2,118 126,978 0.01Sino Land 83,011 146,965 0.01Sumitomo Realty & Development 11,000 361,589 0.03Sun Hung Kai Properties 45,008 750,776 0.06Swire Properties 51,400 165,694 0.01Swiss Prime Site - Registered 2,314 213,710 0.02Tokyo Tatemono 9,400 127,002 0.01Tokyu Fudosan Holdings 15,900 115,033 0.01UOL Group 17,952 119,152 0.01Vonovia 17,588 874,143 0.07Wheelock & Co 30,000 214,140 0.02

Real Estate Investment Trusts (2.36%) AGNC Investment 14,800 298,812 0.02Alexandria Real Estate Equities 3,500 457,065 0.04American Tower 13,193 1,882,245 0.15Annaly Capital Management 35,862 426,399 0.03Ascendas Real Estate Investment Trust 32,600 66,351 0.01AvalonBay Communities 4,668 832,818 0.06Boston Properties 5,142 668,614 0.05British Land 30,477 285,090 0.02Brixmor Property Group 11,000 205,260 0.02Camden Property Trust 3,300 303,798 0.02CapitaLand Commercial Trust 83,952 121,242 0.01CapitaLand Mall Trust 65,000 103,599 0.01Colony NorthStar 14,662 167,293 0.01Crown Castle International 13,560 1,505,296 0.12Daiwa House REIT Investment 48 114,067 0.01Dexus 22,187 169,197 0.01Digital Realty Trust 6,358 724,176 0.06Duke Realty 9,700 263,937 0.02Equinix 2,678 1,213,723 0.09Equity Residential 12,118 772,765 0.06Essex Property Trust 2,290 552,737 0.04Extra Space Storage 4,452 389,327 0.03Federal Realty Investment Trust 2,200 292,182 0.02Fonciere Des Regions 514 58,314 0.00Gecina 1,770 327,102 0.03GGP 21,724 508,124 0.04Goodman Group 67,783 446,399 0.03GPT Group 66,412 265,435 0.02Hammerson 26,803 198,330 0.02HCP 13,053 340,422 0.03Host Hotels & Resorts 24,940 495,059 0.04ICADE 988 97,201 0.01Invitation Homes 8,100 190,917 0.01Iron Mountain 7,677 289,653 0.02Japan Prime Realty Investment 38 120,763 0.01Japan Real Estate Investment 43 204,217 0.02Japan Retail Fund Investment 53 97,202 0.01Kimco Realty 9,715 176,327 0.01Klepierre 5,945 261,743 0.02Land Securities Group 22,554 307,540 0.02Liberty Property Trust 3,995 171,825 0.01Link REIT 69,500 644,119 0.05Macerich 3,189 209,454 0.02



237


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Value USD % of

Net Assets

Real Estate Investment Trusts (2.36%) (continued) Mid-America Apartment Communities 3,600 362,016 0.03Mirvac Group 142,854 262,573 0.02National Retail Properties 3,200 138,016 0.01Nippon Building Fund 62 303,258 0.02Nippon Prologis REIT 52 110,001 0.01Nomura Real Estate Master Fund 141 175,108 0.01Prologis 17,285 1,115,055 0.09Public Storage 5,244 1,095,996 0.08Realty Income 8,400 478,968 0.04Regency Centers 5,300 366,654 0.03RioCan Real Estate Investment Trust 4,324 84,068 0.01SBA Communications 3,719 607,536 0.05Scentre Group 192,562 631,066 0.05Segro 28,077 222,949 0.02Simon Property Group 9,876 1,696,104 0.13SL Green Realty 3,000 302,790 0.02Stockland 103,152 361,448 0.03Suntec Real Estate Investment Trust 63,000 101,354 0.01UDR 7,000 269,640 0.02Unibail-Rodamco 3,574 901,249 0.07United Urban Investment 33 47,486 0.00Ventas 10,977 658,730 0.05VEREIT 27,267 212,410 0.02Vicinity Centres 137,177 291,837 0.02Vornado Realty Trust 5,803 453,679 0.03Welltower 11,432 729,019 0.06Westfield 74,170 550,535 0.04Weyerhaeuser 23,435 826,318 0.06

Retail (4.22%) ABC-Mart 2,400 137,843 0.01Advance Auto Parts 2,211 220,415 0.02Aeon 18,200 307,372 0.02Alimentation Couche-Tard - Class B 12,388 648,493 0.05AutoNation 2,500 128,325 0.01AutoZone 1,043 741,959 0.06Best Buy 7,909 541,529 0.04Canadian Tire - Class A 2,400 313,947 0.02CarMax 5,998 384,652 0.03Chipotle Mexican Grill 621 179,488 0.01Compagnie Financiere Richemont - Registered 15,994 1,449,225 0.11Costco Wholesale 13,787 2,566,036 0.20CVS Health 31,968 2,317,680 0.18Darden Restaurants 3,841 368,813 0.03Dollar General 8,628 802,490 0.06Dollar Tree 7,998 858,265 0.07Dollarama 3,700 463,774 0.03Domino's Pizza 1,700 321,232 0.02Domino's Pizza Enterprises 2,112 77,144 0.01Don Quijote Holdings 2,800 146,400 0.01Dufry - Registered 860 127,875 0.01FamilyMart 3,700 259,476 0.02Fast Retailing 1,600 637,870 0.05Gap 6,473 220,470 0.02Genuine Parts 5,020 476,950 0.04Harvey Norman Holdings 8,918 29,087 0.00Hennes & Mauritz - Class B 32,072 663,180 0.05Home Depot 37,476 7,102,826 0.55HUGO BOSS 2,449 208,617 0.02Industria de Diseno Textil 36,582 1,275,879 0.10Isetan Mitsukoshi Holdings 11,500 142,614 0.01J Front Retailing 8,500 160,191 0.01Jean Coutu Group - Class A 5,042 98,269 0.01Kering 2,360 1,113,718 0.09Kingfisher 63,771 291,321 0.02Kohl's 4,931 267,408 0.02L Brands 8,216 494,768 0.04



238


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Value USD % of

Net Assets

Retail (4.22%) (continued) Lawson 1,400 93,085 0.01Liberty Interactive QVC Group - Class A 14,600 356,532 0.03Lowe's Companies 26,832 2,493,766 0.19lululemon athletica 2,637 207,242 0.02Luxottica Group 3,914 240,402 0.02Macy's 8,277 208,498 0.02Marks & Spencer Group 54,866 233,644 0.02Marui Group 5,700 104,386 0.01McDonald's 26,240 4,516,429 0.35McDonald's Holdings Japan 2,700 118,762 0.01Next 3,545 216,996 0.02Nitori Holdings 2,400 342,264 0.03Nordstrom 4,155 196,864 0.01O'Reilly Automotive 2,737 658,358 0.05Pandora 3,069 334,351 0.02PVH 2,400 329,304 0.02Restaurant Brands International 6,909 426,081 0.03Ross Stores 11,656 935,394 0.07Ryohin Keikaku 900 280,426 0.02Shimamura 900 99,068 0.01Starbucks 45,370 2,605,599 0.20Sundrug 2,400 111,638 0.01Swatch Group 1,084 442,054 0.03Swatch Group - Registered 1,600 122,319 0.01Takashimaya 9,000 94,754 0.01Tapestry 8,094 357,998 0.03Target 16,331 1,065,598 0.08Tiffany & Co 4,111 427,338 0.03TJX Companies 20,066 1,534,246 0.12Tractor Supply 3,900 291,525 0.02Tsuruha Holdings 1,100 149,596 0.01Ulta Salon Cosmetics & Fragrance 2,000 447,320 0.03USS 11,000 232,987 0.02Walgreens Boots Alliance 28,777 2,089,786 0.16Wal-Mart Stores 47,357 4,676,504 0.36Yamada Denki 19,700 108,599 0.01Yum! Brands 11,017 899,097 0.07Zalando 2,878 152,457 0.01

Savings & Loans (0.04%) New York Community Bancorp 11,400 148,428 0.01People's United Financial 17,449 326,296 0.03

Semiconductors (2.77%) Advanced Micro Devices 28,300 290,924 0.02Analog Devices 12,102 1,077,441 0.08Applied Materials 33,360 1,705,363 0.13ASM Pacific Technology 6,900 96,121 0.01ASML Holding 12,400 2,161,272 0.17Broadcom 13,101 3,365,647 0.26Infineon Technologies 35,684 978,465 0.08Intel 150,025 6,925,154 0.53IPG Photonics Corp 700 149,891 0.01KLA-Tencor 5,353 562,440 0.04Lam Research 5,298 975,203 0.08Marvell Technology Group 12,600 270,522 0.02Maxim Integrated Products 8,646 452,013 0.04Microchip Technology 7,123 625,969 0.05Micron Technology 35,100 1,443,312 0.11NVIDIA 19,019 3,680,177 0.28NXP Semiconductors 10,800 1,264,572 0.10Qorvo 4,700 313,020 0.02QUALCOMM 48,301 3,092,230 0.24Renesas Electronics Corp 13,300 155,019 0.01Rohm 2,700 299,121 0.02Skyworks Solutions 5,600 531,720 0.04STMicroelectronics 22,569 493,371 0.04



239


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Value USD % of

Net Assets

Semiconductors (2.77%) (continued) Sumco 5,900 151,258 0.01Texas Instruments 31,701 3,310,853 0.26Tokyo Electron 5,400 977,896 0.08Xilinx 8,042 542,192 0.04

Shipping (0.04%) Huntington Ingalls Industries 1,300 306,410 0.02SembCorp Industries 33,000 74,821 0.01Yangzijiang Shipbuilding Holdings 88,000 96,797 0.01

Software (4.01%) Activision Blizzard 22,529 1,426,536 0.11Adobe Systems 15,837 2,775,276 0.21Akamai Technologies 5,113 332,550 0.03Amadeus IT Holding - Class A 13,508 975,009 0.07ANSYS 2,900 428,011 0.03Autodesk 6,251 655,292 0.05Broadridge Financial Solutions 3,800 344,204 0.03CA 8,074 268,703 0.02Cadence Design Systems 9,400 393,108 0.03CDK Global 4,533 323,112 0.02Cerner 10,000 673,900 0.05Citrix Systems 5,695 501,160 0.04Constellation Software 634 385,587 0.03Dassault Systemes 3,728 396,581 0.03DeNA 4,100 84,548 0.01Electronic Arts 9,828 1,032,530 0.08Fidelity National Information Services 11,015 1,036,401 0.08First Data - Class A 15,600 260,676 0.02Fiserv 7,066 926,565 0.07Intuit 8,081 1,275,020 0.10Jack Henry & Associates 2,300 269,008 0.02Konami Holdings 4,000 220,151 0.02Micro Focus International 7,219 246,384 0.02MICRO FOCUS International SPN 7,744 260,121 0.02Microsoft 233,545 19,977,439 1.54Mixi 2,100 94,328 0.01MSCI 3,012 381,138 0.03Nexon 7,600 221,287 0.02Open Text 9,668 344,991 0.03Oracle 98,530 4,658,498 0.36Oracle Japan 1,900 157,532 0.01Paychex 10,533 717,087 0.06Red Hat 5,807 697,421 0.05Sage Group 37,950 409,668 0.03Salesforce.com 21,028 2,149,692 0.17SAP 31,135 3,493,807 0.27ServiceNow 5,500 717,145 0.06Splunk 5,160 427,454 0.03SS&C Technologies Holdings 4,100 165,968 0.01Synopsys 4,451 379,403 0.03Take-Two Interactive Software 4,000 439,120 0.03Ubisoft Entertainment 1,940 149,417 0.01Veeva Systems 2,600 143,728 0.01Vmware - Class A 2,500 313,300 0.02Workday - Class A 4,600 468,004 0.04

Telecommunications (3.49%) Arista Networks 1,300 306,254 0.02AT&T 198,415 7,714,375 0.59BCE 3,166 152,570 0.01Bezeq The Israeli Telecommunication 28,991 43,925 0.00BT Group 261,391 960,722 0.07CenturyLink 28,893 481,935 0.04Cisco Systems 161,017 6,166,951 0.48CommScope Holding 8,200 310,206 0.02Deutsche Telekom - Registered 108,499 1,927,576 0.15



240


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Value USD % of

Net Assets

Telecommunications (3.49%) (continued) Drillisch 1,688 139,515 0.01Elisa 3,607 141,720 0.01Eutelsat Communications 5,504 127,525 0.01Hikari Tsushin 1,000 143,808 0.01HKT Trust & HKT 84,960 108,247 0.01Juniper Networks 14,656 417,696 0.03KDDI 57,900 1,441,461 0.11Koninklijke KPN 102,031 356,285 0.03Millicom International Cellular - SDR 2,044 138,306 0.01Motorola Solutions 4,639 419,087 0.03Nice 1,511 136,883 0.01Nippon Telegraph & Telephone 20,300 955,262 0.07Nokia - FI 140,315 656,101 0.05Nokia - FR 37,598 175,805 0.01NTT DOCOMO 44,000 1,039,361 0.08Orange 66,054 1,148,123 0.09PCCW 140,000 81,307 0.01Proximus 5,476 179,842 0.01Rogers Communications - Class B 10,649 544,370 0.04SES - FDR 9,122 142,508 0.01Singapore Telecommunications 133,700 358,161 0.03Singapore Telecommunications - NPV 170,000 454,131 0.04SoftBank Group 26,800 2,122,113 0.16Spark New Zealand 95,029 245,332 0.02Sprint 29,378 173,036 0.01StarHub 33,000 70,376 0.01Swisscom - Registered 758 403,307 0.03TDC 18,377 113,011 0.01Tele2 - Class B 10,654 131,166 0.01Telecom Italia 302,069 261,343 0.02Telecom Italia - Rsp 182,203 130,399 0.01Telefonaktiebolaget LM Ericsson - Class B 92,318 607,185 0.05Telefonica 140,242 1,368,271 0.11Telefonica Deutschland Holding 15,846 79,651 0.01Telenor 23,031 495,290 0.04Telia 72,243 322,502 0.03Telstra 181,838 516,275 0.04TELUS 7,862 298,806 0.02T-Mobile US 9,422 598,391 0.05TPG Telecom 12,351 63,468 0.01Verizon Communications 130,671 6,916,416 0.53Vodafone Group 849,158 2,699,441 0.21Zayo Group Holdings 7,300 268,640 0.02

Textile (0.04%) Mohawk Industries 2,000 551,800 0.04

Toys, Games & Hobbies (0.17%) Bandai Namco Holdings 8,500 278,051 0.02Hasbro 3,603 327,477 0.03Mattel 12,665 194,788 0.02Nintendo 3,700 1,352,889 0.10

Transportation (1.90%) AP Moeller - Maersk - Class A 151 252,300 0.02AP Moeller - Maersk - Class B 228 398,607 0.03Aurizon Holdings 68,330 265,084 0.02Canadian National Railway 23,084 1,909,619 0.15Canadian Pacific Railway 4,459 817,314 0.06Central Japan Railway 4,000 716,556 0.06CH Robinson Worldwide 3,833 341,482 0.03ComfortDelGro 76,000 112,601 0.01CSX 29,723 1,635,062 0.13Deutsche Post - Registered 32,022 1,528,468 0.12DSV 6,683 526,629 0.04East Japan Railway 9,500 927,230 0.07Expeditors International of Washington 5,082 328,755 0.03



241


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Value USD % of

Net Assets

Transportation (1.90%) (continued) FedEx 8,041 2,006,551 0.15Hankyu Hanshin Holdings 9,300 373,981 0.03JB Hunt Transport Services 3,069 352,874 0.03Kamigumi 4,000 88,522 0.01Kansas City Southern 3,083 324,393 0.02Keihan Holdings 3,600 106,099 0.01Keikyu 8,000 153,751 0.01Keio 5,000 219,929 0.02Keisei Electric Railway 3,000 96,405 0.01Kintetsu Group Holdings 6,100 233,928 0.02Knight Swift Transportation 3,800 166,136 0.01Kuehne + Nagel International - Registered 1,507 266,760 0.02Kyushu Railway 6,300 195,459 0.01Mitsui OSK Lines 3,600 120,160 0.01MTR 51,760 303,251 0.02Nagoya Railroad 7,799 196,412 0.01Nippon Express 2,700 179,521 0.01Nippon Yusen 4,100 100,052 0.01Norfolk Southern 9,107 1,319,604 0.10Odakyu Electric Railway 7,200 154,035 0.01Old Dominion Freight Line 2,000 263,100 0.02Royal Mail 39,114 239,424 0.02Seibu Holdings 4,500 85,126 0.01Tobu Railway 8,400 271,425 0.02Tokyu 17,200 274,528 0.02Union Pacific 26,414 3,542,117 0.27United Parcel Service - Class B 22,674 2,701,607 0.21West Japan Railway 4,900 357,854 0.03Yamato Holdings 7,900 159,017 0.01

Water (0.13%) American Water Works 5,636 515,638 0.04Severn Trent 9,143 267,400 0.02Suez 13,871 244,265 0.02United Utilities Group 25,979 291,512 0.02Veolia Environnement 17,056 435,730 0.03 Total Common Stocks 1,292,989,981 99.67

Preferred Stocks

Auto Manufacturers (0.14%) Bayerische Motoren Werke 3,075 275,605 0.02Porsche Automobil Holding 5,080 425,663 0.03Volkswagen 5,794 1,158,065 0.09

Auto Parts & Equipment (0.01%) Schaeffler 4,812 85,432 0.01

Chemicals (0.01%) Fuchs Petrolub 2,517 133,742 0.01

Household Products (0.06%) Henkel & Co 5,517 731,048 0.06 Total Preferred Stocks 2,809,555 0.22

Rights

Oil & Gas (0.00%) Repsol - Rights 40,404 18,388 0.00 Total Rights 18,388 0.00



242

Schedule of Investments as at 31 December 2017 (Expressed in USD) Transferable securities non-listed on an Official Stock Exchange

QuantityMarket

Value USD % of

Net Assets

Common Stocks

Banks (0.00%) Banco Espirito Santo - Registered* 53,033 0 0.00Irish Bank Resolution* 1,990 0 0.00 Total Common Stocks 0 0.00 TOTAL INVESTMENTS (Cost USD 1,009,107,118) 1,295,817,924 99.89

Other net assets 1,423,728 0.11

TOTAL NET ASSETS 1,297,241,652 100.00 Forward Foreign Exchange Contracts

Purchases Sales Maturity Date

Unrealised appreciation/ (depreciation)

USD % of Net Assets

USD 1,096,561 JPY 124,000,000 04 January 2018 (4,194) (0.00) Total Forward Foreign Exchange Contracts (4,194) (0.00) *Investment which has less than 0.5 shares and/or less than 0.5 USD has been rounded down to zero.

UBS ETF – MSCI Emerging Markets UCITS ETF Annual report as of 31 December 2017


243


QuantityMarket

Value USD % of

Net Assets

Common Stocks

Advertising (0.03%) Cheil Worldwide 21,495 425,663 0.03

Aerospace & Defense (0.22%) Aselsan Elektronik Sanayi Ve Ticaret 52,432 439,745 0.04AviChina Industry & Technology - Class H 719,000 382,618 0.03Embraer 144,600 871,846 0.07Hanwha Techwin 10,571 351,034 0.03Korea Aerospace Industries 13,761 609,929 0.05

Agriculture (0.84%) British American Tobacco Malaysia 40,400 399,308 0.03Charoen Pokphand Indonesia 1,739,700 384,677 0.03Felda Global Ventures Holdings 85,600 35,746 0.00Genting Plantations 28,500 73,944 0.01Gudang Garam 123,900 765,271 0.06Hanjaya Mandala Sampoerna 1,842,500 642,346 0.05HAP Seng Consolidated 89,100 210,256 0.02IOI 414,300 464,769 0.04ITC 775,655 3,199,110 0.26KT&G 25,232 2,722,242 0.22Kuala Lumpur Kepong 106,700 659,130 0.06Sime Darby Plantation Bhd 494,872 733,687 0.06

Airlines (0.30%) Air China - Class H 454,000 550,563 0.04AirAsia 408,300 337,980 0.03China Airlines 475,308 186,076 0.02China Southern Airlines - Class H 486,000 501,710 0.04Eva Airways 248,691 132,458 0.01Korean Air Lines 11,119 351,575 0.03Latam Airlines Group 69,340 979,248 0.08Turk Hava Yollari 160,790 665,364 0.05

Apparel (0.35%) Eclat Textile 32,763 327,537 0.03Far Eastern New Century 709,353 638,831 0.05Feng TAY Enterprise 52,158 237,492 0.02LPP 279 715,405 0.06Pou Chen 559,000 724,145 0.06Shenzhou International Group Holdings 171,000 1,627,467 0.13

Auto Manufacturers (2.21%) Ashok Leyland 327,922 611,891 0.05Brilliance China Automotive Holdings 640,000 1,711,077 0.14Byd - Class H 158,000 1,376,409 0.11Dongfeng Motor Group - Class H 580,000 701,879 0.06Eicher Motors 2,804 1,332,901 0.11Ford Otomotiv Sanayi 19,559 310,800 0.03Geely Automobile Holdings 1,092,000 3,785,604 0.31Great Wall Motor - Class H 639,750 732,447 0.06Guangzhou Automobile Group - Class H 438,000 1,037,668 0.08Hyundai Motor 34,413 5,014,645 0.41Kia Motors 60,873 1,904,858 0.16Mahindra & Mahindra 171,818 2,021,895 0.17Maruti Suzuki India 24,014 3,660,576 0.30Tata Motors 343,766 2,325,884 0.19Tata Motors - Class A 63,779 243,914 0.02Tofas Turk Otomobil Fabrikasi 13,431 116,967 0.01

Auto Parts & Equipment (0.73%) Bosch 1,606 507,397 0.04Cheng Shin Rubber Industry 544,423 960,472 0.08Fuyao Glass Industry Group - Class H 135,200 569,869 0.05Hankook Tire 15,638 797,567 0.06Hanon Systems 28,675 372,316 0.03



244


QuantityMarket

Value USD % of

Net Assets

Auto Parts & Equipment (0.73%) (continued) Hyundai Mobis 15,197 3,733,418 0.31Hyundai Wia 2,678 162,599 0.01Motherson Sumi Systems 139,155 826,831 0.07Nexteer Automotive Group 211,000 502,580 0.04Weichai Power - Class H 460,000 503,703 0.04

Banks (12.67%) Abu Dhabi Commercial Bank 416,999 772,052 0.06Agricultural Bank of China - Class H 5,605,000 2,609,878 0.21Akbank 541,187 1,405,922 0.11Alior Bank 25,521 583,895 0.05Alliance Financial Group 119,600 120,575 0.01Alpha Bank 343,765 737,661 0.06AMMB Holdings 288,800 314,704 0.03Axis Bank 386,491 3,414,854 0.28Banco Bradesco 191,594 1,851,769 0.15Banco de Chile 5,631,864 904,791 0.07Banco de Credito e Inversiones 8,205 565,696 0.05Banco do Brasil 192,500 1,846,598 0.15Banco Santander Brasil 95,775 920,475 0.08Banco Santander Chile 13,815,244 1,080,545 0.09Bangkok Bank 34,200 229,819 0.02Bangkok Bank - NVDR 33,400 207,021 0.02Bank Central Asia 2,251,300 3,633,939 0.30Bank Danamon Indonesia 797,503 408,524 0.03Bank Handlowy w Warszawie 3,350 78,939 0.01Bank Mandiri Persero 4,107,784 2,422,132 0.20Bank Millennium 153,353 394,548 0.03Bank Negara Indonesia Persero 1,815,415 1,324,681 0.11Bank of China - Class H 17,627,000 8,658,703 0.71Bank of Communications - Class H 2,075,299 1,539,756 0.13Bank of the Philippine Islands 221,453 479,549 0.04Bank Pekao 39,818 1,483,950 0.12Bank Rakyat Indonesia Persero 12,053,500 3,233,812 0.26Bank Tabungan Negara Persero 946,500 249,051 0.02Bank Zachodni WBK 7,311 833,712 0.07Barclays Africa Group 156,429 2,299,557 0.19BDO Unibank 457,140 1,501,822 0.12Chang Hwa Commercial Bank 1,165,593 648,237 0.05China CITIC Bank - Class H 1,833,600 1,149,328 0.09China Construction Bank - Class H 18,843,000 17,355,046 1.42China Everbright Bank - Class H 684,000 319,369 0.03China Merchants Bank - Class H 866,159 3,445,889 0.28China Minsheng Banking - Class H 1,170,000 1,171,901 0.10Chongqing Rural Commercial Bank - Class H 662,000 467,456 0.04CIMB Group Holdings 1,053,089 1,701,804 0.14CITIC 1,320,000 1,904,699 0.16Commercial Bank 27,491 218,901 0.02Commercial International Bank Egypt 83,401 363,390 0.03Commercial International Bank Egypt - GDR - Registered 184,251 800,571 0.07Credicorp 15,600 3,235,908 0.26Doha Bank 45,056 351,343 0.03Dubai Islamic Bank 185,862 313,245 0.03Eurobank Ergasias 411,899 420,417 0.03FirstRand 765,432 4,157,940 0.34Gentera 219,100 183,540 0.01Grupo Financiero Banorte - Class O 544,900 3,003,070 0.25Grupo Financiero Inbursa - Class O 517,600 849,726 0.07Grupo Financiero Santander Mexico - Class B 396,000 581,487 0.05Habib Bank 134,700 203,851 0.02Hong Leong Bank 170,608 716,663 0.06ICICI Bank 559,405 2,751,998 0.23IDFC Bank 226,042 192,124 0.02Industrial & Commercial Bank of China - Class H 16,492,227 13,270,069 1.09Industrial Bank of Korea 56,454 867,468 0.07Itau CorpBanca 20,555,853 187,181 0.01Kasikornbank 201,800 1,479,908 0.12



245


QuantityMarket

Value USD % of

Net Assets

Banks (12.67%) (continued) Kasikornbank - NVDR 218,300 1,554,023 0.13Komercni banka 16,158 695,417 0.06Krung Thai Bank 563,250 331,832 0.03Malayan Banking 971,961 2,353,649 0.19Masraf Al Rayan 70,266 715,779 0.06mBank 3,212 429,832 0.03MCB Bank 131,100 250,676 0.02Metropolitan Bank & Trust 182,330 370,358 0.03Moneta Money Bank 123,478 478,579 0.04National Bank of Abu Dhabi 312,196 871,272 0.07National Bank of Greece 877,182 336,009 0.03Nedbank Group 56,308 1,164,821 0.10OTP Bank 53,198 2,207,557 0.18Piraeus Bank SA 52,665 194,147 0.02Powszechna Kasa Oszczednosci Bank Polski 206,170 2,629,041 0.22Public Bank 647,570 3,325,057 0.27Qatar Islamic Bank 10,535 283,479 0.02Qatar National Bank 52,619 1,834,730 0.15RHB Capital 248,770 307,351 0.02Sberbank of Russia 2,443,414 9,557,841 0.78Security Bank 45,350 228,385 0.02Siam Commercial Bank 399,800 1,840,135 0.15Standard Bank Group 294,776 4,658,794 0.38State Bank of India 382,537 1,857,322 0.15Taiwan Business Bank 856,733 241,544 0.02Turkiye Garanti Bankasi 565,053 1,597,576 0.13Turkiye Halk Bankasi 154,069 438,038 0.04Turkiye Is Bankasi - Class C 316,570 581,942 0.05Turkiye Vakiflar Bankasi - Class D 174,091 310,844 0.03United Bank 136,600 232,721 0.02VTB Bank 1,245,602,543 1,021,394 0.08Woori Bank 75,263 1,107,274 0.09Yapi ve Kredi Bankasi 76,276 87,308 0.01Yes Bank 379,307 1,872,839 0.15

Beverages (1.29%) Ambev 1,057,869 6,786,486 0.56Anadolu Efes Biracilik Ve Malt Sanayii 58,852 375,625 0.03Arca Continental 92,816 644,833 0.05China Resources Beer Holdings 341,011 1,223,614 0.10Coca-Cola Femsa - Class L 107,200 750,353 0.06Coca-Cola Icecek 19,766 178,392 0.01Companhia Cervecerias Unidas 38,937 583,124 0.05Fomento Economico Mexicano 441,600 4,174,385 0.34Tsingtao Brewery - Class H 70,000 360,866 0.03United Spirits 12,017 690,746 0.06

Building Materials (1.06%) ACC 13,005 358,278 0.03Ambuja Cements 129,007 549,863 0.04Anhui Conch Cement - Class H 257,000 1,208,186 0.10Asia Cement 581,338 550,892 0.04Cementos Argos 52,979 204,496 0.02Cemex - Class CPO 3,377,083 2,537,278 0.21China National Building Material - Class H 736,000 658,110 0.05Grasim Industries 76,345 1,394,370 0.11Grupo Argos 64,841 453,637 0.04Indocement Tunggal Prakarsa 391,500 633,383 0.05Lucky Cement 29,450 137,576 0.01Nien Made Enterprise 44,000 470,185 0.04Semen Indonesia Persero 769,100 561,201 0.05Shree Cement 1,537 435,243 0.04Taiwan Cement 977,000 1,196,688 0.10Titan Cement Co 14,961 411,402 0.03Ultratech Cement 18,027 1,220,281 0.10



246


QuantityMarket

Value USD % of

Net Assets

Chemicals (1.96%) Asian Paints 67,741 1,229,532 0.10Formosa Chemicals & Fibre 665,400 2,303,080 0.19Formosa Plastics 937,600 3,109,737 0.26Grupa Azoty 14,258 285,587 0.02Hanwha Chemical 21,618 638,110 0.05Indorama Ventures 319,767 522,479 0.04Industries Qatar 33,031 888,808 0.07IRPC 1,642,600 355,334 0.03KCC 1,209 430,273 0.04Kingboard Chemical Holdings 157,500 851,237 0.07Kumho Petrochemical 3,839 356,808 0.03LG Chem 10,687 4,043,001 0.33Lotte Chemical 3,784 1,300,744 0.11Mexichem 244,819 608,497 0.05Nan Ya Plastics 1,042,820 2,729,831 0.22Petkim Petrokimya Holding 102,436 209,919 0.02Petronas Chemicals Group 533,300 1,014,680 0.08PhosAgro - GDR - Registered 19,130 293,645 0.02PTT Global Chemical 564,382 1,472,000 0.12Sinopec Shanghai Petrochemical - Class H 561,000 319,349 0.03UPL 76,069 908,979 0.08

Coal (0.39%) Adaro Energy 3,758,800 515,303 0.04Banpu - Registered 522,700 312,754 0.03China Shenhua Energy - Class H 769,500 1,993,319 0.16Coal India 143,677 591,906 0.05Exxaro Resources 41,356 542,839 0.05Jastrzebska Spolka Weglowa 10,491 290,655 0.02Yanzhou Coal Mining - Class H 454,000 530,818 0.04

Commercial Services (1.36%) Adani Ports & Special Economic Zone 152,258 967,662 0.08CCR 287,600 1,400,241 0.11China Conch Venture Holdings 352,500 816,171 0.07Cielo 284,019 2,013,846 0.17COSCO Pacific 372,879 387,795 0.03DP World 36,296 907,400 0.07International Container Terminal Services 154,950 327,468 0.03Jasa Marga Persero 389,576 183,769 0.02Jiangsu Expressway - Class H 322,000 490,169 0.04Kroton Educacional 313,524 1,739,122 0.14Localiza Rent a Car 138,663 922,163 0.08New Oriental Education & Technology Group - ADR 29,700 2,791,800 0.23Qualicorp 58,100 542,974 0.04S-1 5,406 540,322 0.04TAL Education Group - ADR 65,900 1,957,889 0.16Westports Holdings 261,000 238,621 0.02Zhejiang Expressway - Class H 364,000 399,980 0.03

Computers (2.06%) Acer 801,822 650,705 0.05Advantech 92,281 652,760 0.05Alibaba Health Information Technology 554,000 279,930 0.02Asustek Computer 170,180 1,598,377 0.13Chicony Electronics 142,275 358,574 0.03Compal Electronics 941,000 673,532 0.06Foxconn Technology 201,521 576,964 0.05General Interface Solution Holdings 42,000 280,861 0.02Infosys 416,589 6,801,247 0.56Innolux 1,720,043 716,721 0.06Inventec 634,630 506,493 0.04Lenovo Group 1,636,000 922,922 0.08Lite-On Technology 430,153 586,865 0.05Quanta Computer 571,000 1,187,725 0.10Samsung SDS 7,314 1,366,400 0.11SK Holdings 7,216 1,907,550 0.16



247


QuantityMarket

Value USD % of

Net Assets

Computers (2.06%) (continued) Tata Consultancy Services 101,228 4,284,001 0.35Wipro 268,138 1,320,158 0.11Wistron 502,053 404,058 0.03

Cosmetics & Personal Care (0.53%) Amorepacific 7,229 2,056,168 0.17AMOREPACIFIC Group 6,467 851,756 0.07Dabur India 126,064 690,683 0.06LG Household & Health Care 2,198 2,441,196 0.20Natura Cosmeticos 41,200 410,621 0.03

Distribution & Wholesale (0.28%) AKR Corporindo 268,600 125,713 0.01Berli Jucker 289,500 586,284 0.05Hanwha 11,574 448,668 0.04LG 21,855 1,857,741 0.15Posco Daewoo 2,450 41,537 0.00SK Networks 63,767 396,105 0.03

Diversified Financial Services (5.03%) B3 SA - Brasil Bolsa Balcao 470,413 3,230,535 0.27Bajaj Finance 36,038 991,860 0.08Bajaj Finserv 9,255 758,409 0.06BNK Financial Group 61,587 541,917 0.04Brait 67,131 225,903 0.02Capitec Bank Holdings 7,546 669,241 0.06Chailease Holding 300,125 873,392 0.07China Cinda Asset Management - Class H 1,675,000 612,808 0.05China Development Financial Holding 3,587,768 1,223,712 0.10China Everbright 190,000 424,853 0.04China Galaxy Securities - Class H 705,500 519,832 0.04China Huarong Asset Management 2,149,000 1,014,392 0.08CITIC Securities - Class H 549,000 1,132,089 0.09Coronation Fund Managers 30,682 183,150 0.02CTBC Financial Holding 3,835,436 2,642,151 0.22DGB Financial Group 47,600 469,086 0.04E.Sun Financial Holding 1,923,563 1,221,679 0.10Egyptian Financial Group-Hermes Holding 132,074 175,009 0.01Far East Horizon 476,000 406,140 0.03First Financial Holding 1,905,112 1,251,573 0.10Fubon Financial Holding 1,472,078 2,508,001 0.21GF Securities - Class H 341,000 685,725 0.06Haitong Securities - Class H 793,600 1,151,219 0.09Hana Financial Group 69,494 3,232,732 0.27Hong Leong Financial Group 64,032 282,899 0.02Housing Development Finance 340,960 9,136,783 0.75Hua Nan Financial Holdings 1,552,081 873,611 0.07Huatai Securities - Class H 344,400 685,513 0.06Indiabulls Housing Finance - Class L 69,099 1,295,427 0.11Investec 67,653 490,293 0.04KB Financial Group 88,756 5,256,299 0.43Korea Investment Holdings 9,898 637,954 0.05LIC Housing Finance 65,861 581,453 0.05Mahindra & Mahindra Financial Services 53,712 398,122 0.03Mega Financial Holding 2,421,328 1,956,851 0.16Mirae Asset Daewoo 84,675 726,882 0.06Moscow Exchange MICEX-RTS 316,748 597,500 0.05NH Investment & Securities 18,609 241,619 0.02Power Finance 158,096 301,566 0.02PSG Group 18,655 406,854 0.03RMB Holdings 154,020 984,957 0.08Rural Electrification 153,053 373,475 0.03Samsung Card 7,276 269,142 0.02Samsung Securities 13,984 478,085 0.04Shinhan Financial Group 96,417 4,449,115 0.37Shriram Transport Finance 39,134 908,278 0.07SinoPac Financial Holdings 2,999,918 974,821 0.08



248


QuantityMarket

Value USD % of

Net Assets

Diversified Financial Services (5.03%) (continued) Taishin Financial Holding 1,816,430 845,391 0.07Taiwan Cooperative Financial Holding 1,715,689 957,052 0.08Yuanta Financial Holding 2,323,508 1,077,487 0.09

Electric (1.57%) Aboitiz Power 313,000 260,520 0.02AES Gener 738,437 242,551 0.02Centrais Eletricas Brasileiras 36,900 215,142 0.02CEZ 37,000 864,088 0.07CGN Power - Class H 1,809,000 490,589 0.04China Power International Development 176,666 46,329 0.00China Resources Power Holdings 493,146 918,502 0.08Cia Energetica de Minas Gerais 31,246 64,996 0.01Colbun 1,909,239 430,012 0.04EDP - ADR 75,496 318,635 0.03Electricity Generating 36,100 239,264 0.02Empresa Nacional de Electricidad 810,724 735,594 0.06Enersis Americas 6,494,956 1,446,891 0.12Enersis Chile 5,417,176 642,947 0.05Engie Brasil Energia 36,700 392,878 0.03Equatorial Energia 41,700 825,301 0.07Glow Energy 105,700 263,520 0.02Huaneng Power International - Class H 850,000 532,793 0.04Huaneng Renewables - Class H 786,000 266,447 0.02Infraestructura Energetica Nova 119,300 588,101 0.05Inter RAO UES 6,858,711 400,768 0.03Interconexion Electrica 51,565 245,342 0.02Korea Electric Power 57,916 2,063,888 0.17Manila Electric 37,200 244,870 0.02NTPC 351,047 973,488 0.08PGE Polska Grupa Energetyczna 224,122 777,216 0.06Qatar Electricity & Water 8,218 408,418 0.03RusHydro - ADR 257,726 312,879 0.03Tata Power 316,184 463,173 0.04Tauron Polska Energia 279,104 244,983 0.02Tenaga Nasional 770,950 2,907,017 0.24Transmissora Alianca de Energia Electrica 28,700 184,637 0.01YTL Power International 270,432 86,201 0.01

Electrical Components & Equipment (0.46%) Bharat Heavy Electricals 148,032 214,531 0.02Delta Electronics 433,869 2,092,182 0.17Havells India 43,387 382,328 0.03LG Electronics 23,650 2,341,693 0.19LG Innotek 2,725 366,541 0.03Siemens 9,867 191,388 0.02

Electronics (1.77%) AAC Technologies Holdings 170,500 3,040,398 0.25AU Optronics 2,082,000 867,544 0.07BYD Electronic International 207,000 450,685 0.04Delta Electronics Thailand 138,000 310,172 0.02Hon Hai Precision Industry 3,512,121 11,235,577 0.92KCE Electronics 57,100 144,984 0.01LG Display 55,131 1,539,785 0.13Micro-Star International 151,000 388,682 0.03Pegatron 475,000 1,149,251 0.09Samsung Electro-Mechanics 11,431 1,067,769 0.09Synnex Technology International 256,200 349,107 0.03WPG Holdings 330,700 437,844 0.04Yageo Corp 43,000 510,073 0.04Zhen Ding Technology Holding 59,050 129,972 0.01

Energy - Alternate Sources (0.27%) China Everbright International 496,000 708,091 0.06China Longyuan Power Group - Class H 824,000 586,064 0.05Energy Absolute PCL 277,400 446,870 0.03



249


QuantityMarket

Value USD % of

Net Assets

Energy - Alternate Sources (0.27%) (continued) Fullshare Holdings 1,525,000 702,289 0.06GCL-Poly Energy Holdings 2,018,400 361,475 0.03OCI 4,046 513,994 0.04

Engineering & Construction (1.16%) Airports of Thailand 981,200 2,047,303 0.17Beijing Capital International Airport - Class H 366,000 551,531 0.05China Communications Construction - Class H 1,099,000 1,248,400 0.10China Communications Services - Class H 352,400 236,217 0.02China Railway Construction - Class H 500,000 579,484 0.05China Railway Group - Class H 937,000 692,804 0.06China State Construction International Holdings 444,750 622,410 0.05Daelim Industrial 5,746 442,268 0.04Daewoo Engineering & Construction 47,501 262,674 0.02DMCI Holdings 561,600 162,000 0.01Dubai Investments 350,865 230,229 0.02Gamuda 446,700 547,475 0.04Grupo Aeroportuario del Pacifico - Class B 75,800 782,930 0.06Grupo Aeroportuario del Sureste - Class B 43,815 801,862 0.07GS Engineering & Construction 9,585 253,380 0.02Hyundai Development Co-Engineering & Construction 12,748 459,050 0.04Hyundai Engineering & Construction 16,814 570,126 0.05KEPCO Plant Service & Engineering 3,354 127,199 0.01Larsen & Toubro 107,958 2,128,207 0.17Malaysia Airports Holdings 225,044 488,791 0.04Promotora y Operadora de Infraestructura 52,790 525,161 0.04TAV Havalimanlari Holding 31,684 187,684 0.02Waskita Karya Persero 959,500 156,292 0.01

Entertainment (0.09%) Alibaba Pictures Group 2,500,000 335,794 0.03DXB Entertainments 794,645 137,388 0.01OPAP 44,861 565,625 0.05

Food (2.41%) BGF Retail 1,838 360,544 0.03Bid 80,638 1,960,520 0.16Bidvest Group 71,920 1,266,966 0.10BIM Birlesik Magazalar 50,883 1,048,096 0.09BRF 96,400 1,063,652 0.09Britannia Industries 6,283 463,565 0.04Cencosud 323,466 952,020 0.08Charoen Pokphand Foods 822,800 605,928 0.05China Huishan Dairy Holdings 738,000 0 0.00China Mengniu Dairy 598,000 1,778,555 0.15CJ CheilJedang 1,726 590,086 0.05Dino Polska SA 10,752 243,829 0.02Dongsuh Cos 8,167 221,998 0.02Gruma - Class B 47,150 600,777 0.05Grupo Bimbo - Class A 400,600 890,859 0.07Grupo Lala 108,900 153,675 0.01Indofood CBP Sukses Makmur 701,000 459,842 0.04Indofood Sukses Makmur 987,000 554,699 0.04JBS 172,100 508,969 0.04JG Summit Holdings 568,040 820,426 0.07Lotte Confectionery 8,009 487,026 0.04M Dias Branco 27,300 428,787 0.03Magnit - GDR - Registered 71,900 1,966,465 0.16Nestle India 5,270 649,871 0.05Nestle Malaysia Bhd 19,200 489,607 0.04Orion 4,586 447,655 0.04Ottogi 143 107,662 0.01Pioneer Foods Group 27,324 302,550 0.02PPB Group 91,500 389,785 0.03Shoprite Holdings 106,490 1,902,627 0.16SPAR Group 45,324 744,405 0.06Standard Foods 130,303 324,023 0.03



250


QuantityMarket

Value USD % of

Net Assets

Food (2.41%) (continued) Thai Union Group - Class F 249,400 152,288 0.01Tiger Brands 39,904 1,482,701 0.12Tingyi Cayman Islands Holding 430,000 836,094 0.07Ulker Biskuvi Sanayi 65,132 337,891 0.03Uni-President Enterprises 1,041,928 2,310,844 0.19Universal Robina 201,620 609,868 0.05Want Want China Holdings 1,098,000 919,998 0.07

Forest Products & Paper (0.49%) Empresas CMPC 324,463 1,107,906 0.09Fibria Celulose 51,900 748,671 0.06Klabin 143,400 760,857 0.06Lee & Man Paper Manufacturing 445,000 525,987 0.04Mondi 25,885 667,553 0.06Nine Dragons Paper Holdings 365,000 584,575 0.05Sappi 130,306 942,034 0.08Suzano Papel e Celulose 115,000 647,961 0.05

Gas (0.41%) Beijing Enterprises Holdings 97,000 575,749 0.05China Gas Holdings 396,000 1,094,188 0.09China Resources Gas Group 180,000 652,783 0.06ENN Energy Holdings 158,000 1,126,796 0.09GAIL India 129,345 1,012,530 0.08Korea Gas 6,894 274,008 0.02Perusahaan Gas Negara Persero 2,160,200 278,633 0.02

Healthcare Products (0.37%) Aspen Pharmacare Holdings 87,814 1,968,367 0.16China Medical System Holdings 265,000 617,643 0.05Hengan International Group 158,500 1,758,903 0.15Shandong Weigao Group Medical Polymer - Class H 236,000 171,778 0.01

Healthcare Services (0.30%) Bangkok Dusit Medical Services - Class F 676,400 433,776 0.03Bumrungrad Hospital 75,700 439,009 0.04IHH Healthcare 399,600 578,615 0.05Life Healthcare Group Holdings 306,279 686,530 0.06Netcare 220,201 447,339 0.04SillaJen Inc 11,602 1,013,299 0.08

Holding Companies - Diversified Operations (0.93%) Aboitiz Equity Ventures 383,240 568,104 0.05Alfa - Class A 764,900 845,219 0.07Alliance Global Group 926,100 296,827 0.02China Merchants Holdings International 291,964 763,776 0.06CJ 2,826 479,117 0.04Empresas COPEC 92,858 1,472,187 0.12Grupo Carso - Class A1 86,500 287,058 0.02Haci Omer Sabanci Holding 199,211 584,246 0.05IJM 423,600 319,244 0.03Imperial Holdings 35,749 756,966 0.06KOC Holding 165,206 805,203 0.07Remgro 117,292 2,235,938 0.18Siam Cement - Registered 93,750 1,409,558 0.11Sime Darby 602,772 329,164 0.03YTL 595,815 201,697 0.02

Home Furnishings (0.22%) Arcelik 67,068 380,658 0.03Coway 11,259 1,027,513 0.09Haier Electronics Group 283,000 774,718 0.06Hanssem 2,877 483,733 0.04

Household Products (0.56%) Godrej Consumer Products 51,757 810,443 0.07Hindustan Unilever 148,954 3,192,146 0.26



251


QuantityMarket

Value USD % of

Net Assets

Household Products (0.56%) (continued) Kimberly-Clark de Mexico - Class A 314,100 556,263 0.05Marico 124,483 628,973 0.05Turkiye Sise ve Cam Fabrikalari 128,010 158,679 0.01Unilever Indonesia 364,400 1,501,379 0.12

Insurance (3.72%) BB Seguridade Participacoes 168,000 1,442,923 0.12Cathay Financial Holding 1,767,248 3,177,168 0.26China Life Insurance 861,993 867,540 0.07China Life Insurance - Class H 1,655,000 5,197,479 0.43China Pacific Insurance Group - Class H 582,800 2,799,450 0.23China Taiping Insurance Holdings 375,900 1,408,910 0.12Discovery 76,123 1,143,690 0.09Dongbu Insurance 11,228 746,750 0.06Fosun International 572,320 1,268,031 0.10Hanwha Life Insurance 45,084 291,000 0.02Hyundai Marine & Fire Insurance 14,986 657,925 0.05ING Life Insurance Korea 4,662 232,545 0.02Liberty Holdings 22,687 228,025 0.02MMI Holdings 180,548 306,261 0.03New China Life Insurance - Class H 189,700 1,295,841 0.11Odontoprev 86,100 412,966 0.03People's Insurance Group of China - Class H 1,576,000 776,176 0.06PICC Property & Casualty - Class H 1,037,991 1,994,375 0.16Ping An Insurance Group - Class H 1,171,000 12,185,902 1.00Porto Seguro 24,900 272,713 0.02Powszechny Zaklad Ubezpieczen 137,209 1,664,767 0.14Qatar Insurance 21,003 309,682 0.03Samsung Fire & Marine Insurance 7,153 1,783,990 0.15Samsung Life Insurance 14,313 1,664,536 0.14Sanlam 326,115 2,291,761 0.19Shin Kong Financial Holding 1,849,680 652,642 0.05Sul America 39,341 221,309 0.02

Internet (12.34%) 58.com - ADR 21,200 1,517,284 0.12Alibaba Group Holding - ADR 260,000 44,831,800 3.68Autohome 11,000 711,370 0.06Baidu - ADR 61,800 14,474,178 1.19Ctrip.com International - ADR 88,000 3,880,800 0.32JD.com - ADR 146,500 6,068,030 0.50Kakao 8,222 1,052,182 0.09NAVER 6,183 5,024,716 0.41NCSoft 3,884 1,623,549 0.13SINA 13,900 1,394,309 0.11Tencent Holdings 1,283,300 66,649,585 5.47Vipshop Holdings - ADR 88,500 1,037,220 0.09Weibo - ADR 9,880 1,022,185 0.08YY - ADR 9,700 1,096,682 0.09

Investment Companies (0.15%) Grupo de Inversiones Suramericana 53,336 720,201 0.06GT Capital Holdings 22,350 578,450 0.05Rand Merchant Investment Holdings 145,512 539,499 0.04

Iron & Steel (1.80%) China Steel 3,031,334 2,521,146 0.21Companhia Siderurgica Nacional 167,200 422,398 0.03Eregli Demir ve Celik Fabrikalari 275,904 729,127 0.06Hyundai Steel 19,997 1,094,600 0.09JSW Steel 179,465 758,602 0.06Kumba Iron Ore 9,782 299,568 0.02Novolipetsk Steel 32,816 837,464 0.07POSCO 16,673 5,178,434 0.42Severstal 44,707 692,372 0.06Tata Steel 69,080 792,671 0.07Vale 712,344 8,645,791 0.71



252


QuantityMarket

Value USD % of

Net Assets

Leisure Time (0.15%) Bajaj Auto 17,834 931,439 0.08Giant Manufacturing 44,000 241,746 0.02Hero MotoCorp 10,292 610,345 0.05

Lodging (0.25%) Genting 524,300 1,191,885 0.10Genting Malaysia 682,400 949,323 0.08Kangwon Land 28,127 914,315 0.07

Machinery - Construction & Mining (0.08%) United Tractors 358,312 934,899 0.08

Machinery - Diversified (0.24%) Doosan Bobcat 5,926 198,170 0.02Doosan Heavy Industries & Construction 6,990 100,226 0.01Haitian International Holdings 100,000 300,615 0.02Hyundai Robotics 2,265 806,095 0.07Shanghai Electric Group - Class H 322,000 132,634 0.01Teco Electric and Machinery 529,000 506,628 0.04WEG 120,640 876,860 0.07

Media (2.59%) Astro Malaysia Holdings 91,300 59,784 0.01CJ E&M 5,873 535,979 0.04Cyfrowy Polsat 53,526 382,945 0.03Grupo Televisa - Class CPO 535,500 2,013,856 0.17Naspers - Class N 98,399 27,429,317 2.25Surya Citra Media 576,200 105,323 0.01Zee Entertainment Enterprises 111,612 1,017,365 0.08

Metal Fabricate & Hardware (0.24%) Bharat Forge 51,652 591,962 0.05Catcher Technology 151,000 1,664,331 0.14Hyosung 5,202 677,856 0.05

Mining (1.57%) Alrosa 677,109 881,857 0.07Aluminum - Class H 842,000 602,098 0.05Anglo American Platinum 12,835 366,451 0.03AngloGold Ashanti 85,971 893,182 0.07China Molybdenum 774,000 497,036 0.04Companhia de Minas Buenaventura - ADR 43,900 618,112 0.05Gold Fields 170,205 743,788 0.06Grupo Mexico - Class B 890,304 2,953,650 0.24Hindalco Industries 252,904 1,083,888 0.09Industrias Penoles 27,930 584,781 0.05Jiangxi Copper - Class H 262,000 415,591 0.04KGHM Polska Miedz 30,607 979,480 0.08Korea Zinc 1,670 769,053 0.06Magnitogorsk Iron and Steel Works 528,629 385,192 0.03MMC Norilsk Nickel 10,255 1,931,788 0.16MMC Norilsk Nickel - ADR 46,508 879,466 0.07POLYUS 5,393 426,222 0.04Press Metal Bhd 394,600 525,548 0.04Sibanye Gold 385,982 493,234 0.04Southern Copper 19,590 929,546 0.08Vedanta 343,583 1,775,849 0.15Zijin Mining Group - Class H 969,000 365,670 0.03

Miscellaneous Manufacturers (0.65%) Airtac International Group 27,000 485,408 0.04CRRC - Class H 930,200 994,777 0.08Hartalega Holdings 112,000 295,567 0.02Hiwin Technologies 50,847 550,187 0.05Largan Precision 22,000 2,971,924 0.24Sunny Optical Technology Group 153,000 1,955,240 0.16Zhuzhou CRRC Times Electric 110,000 715,528 0.06



253


QuantityMarket

Value USD % of

Net Assets

Oil & Gas (5.88%) Bharat Petroleum 180,710 1,465,725 0.12China Petroleum & Chemical - Class H 5,584,200 4,093,161 0.34CNOOC 3,895,000 5,590,408 0.46Cosan Industria e Comercio 40,200 502,939 0.04Ecopetrol 1,126,079 833,853 0.07Formosa Petrochemical 261,000 1,013,005 0.08Gazprom 1,363,034 3,072,382 0.25Gazprom - Sponsored ADR 499,622 2,203,333 0.18Grupa Lotos 24,940 414,136 0.03GS Holdings 11,814 686,405 0.06Hindustan Petroleum 125,293 821,709 0.07Indian Oil 128,017 779,304 0.06Kunlun Energy 716,000 745,557 0.06Lukoil 55,253 3,181,033 0.26Lukoil - Sponsored ADR 41,574 2,396,741 0.20MOL Hungarian Oil & Gas 76,600 891,036 0.07Novatek - GDR - Registered 18,908 2,272,742 0.19Oil & Gas Development 257,100 377,437 0.03Oil & Natural Gas 309,309 945,942 0.08PetroChina - Class H 4,914,000 3,425,902 0.28Petroleo Brasileiro 662,500 3,377,310 0.28Petronas Dagangan 74,500 446,595 0.04Polski Koncern Naftowy Orlen 64,844 1,978,089 0.16Polskie Gornictwo Naftowe i Gazownictwo 302,554 547,676 0.05PTT 230,673 3,100,177 0.25PTT Exploration & Production 374,148 1,148,045 0.09Reliance Industries 574,861 8,295,417 0.68Rosneft 146,530 739,888 0.06Rosneft - GDR - Registered 130,625 651,819 0.05Sasol 121,348 4,196,994 0.34SK Innovation 15,137 2,891,520 0.24S-Oil 9,410 1,028,415 0.09Surgutneftegas 1,528,048 736,669 0.06Surgutneftegas - ADR 84,873 416,726 0.03Surgutneftegas - Sponsored ADR 16,595 78,164 0.01Tatneft 341,226 2,807,037 0.23Thai Oil 271,900 863,506 0.07Tupras Turkiye Petrol Rafinerileri 24,499 785,059 0.07Ultrapar Participacoes 81,900 1,851,768 0.15

Oil & Gas Services (0.10%) China Oilfield Services - Class H 544,000 529,574 0.04Dialog Group 899,390 557,813 0.05SapuraKencana Petroleum 766,200 134,421 0.01

Pharmaceuticals & Biotechnology (1.93%) 3SBio 198,500 389,519 0.03Aurobindo Pharma 56,308 606,903 0.05Cadila Healthcare 63,503 431,296 0.04Celltrion 18,572 3,835,663 0.31Celltrion Healthcare 6,785 688,292 0.06China Resources Pharmaceutical Group 375,000 485,462 0.04Cipla 76,835 732,507 0.06CSPC Pharmaceutical Group 1,018,000 2,054,935 0.17Dr Reddy's Laboratories 23,469 887,687 0.07Glenmark Pharmaceuticals 25,165 234,490 0.02Hanmi Pharm 1,597 871,186 0.07Hanmi Science 2,258 234,121 0.02Hypermarcas 74,900 812,879 0.07Kalbe Farma 5,599,700 697,512 0.06Lupin 43,303 600,485 0.05Medy-Tox 1,093 495,069 0.04Piramal Enterprises 20,052 900,773 0.07Richter Gedeon 35,396 928,979 0.08Samsung Biologics 3,891 1,348,429 0.11Shanghai Fosun Pharmaceutical Group - Class H 98,500 631,903 0.05Sihuan Pharmaceutical Holdings Group 471,000 169,305 0.01



254


QuantityMarket

Value USD % of

Net Assets

Pharmaceuticals & Biotechnology (1.93%) (continued) Sino Biopharmaceutical 953,000 1,689,660 0.14Sinopharm Group - Class H 278,400 1,203,730 0.10Sun Pharmaceutical Industries 218,881 1,958,621 0.16TaiMed Biologics 33,000 205,151 0.02Yuhan 2,012 411,590 0.03

Pipelines (0.09%) Petronas Gas 131,000 565,822 0.05Petronet LNG 119,322 476,241 0.04

Real Estate (2.47%) Agile Property Holdings 326,000 494,590 0.04Aldar Properties 861,237 515,879 0.04Ayala 52,130 1,059,935 0.09Ayala Land 1,674,300 1,495,869 0.12Barwa Real Estate 34,749 309,134 0.03BR Malls Participacoes 175,979 675,353 0.06Bumi Serpong Damai 2,297,100 287,825 0.02Central Pattana 284,700 744,728 0.06China Evergrande Group 699,000 2,409,790 0.20China Jinmao Holdings Group 656,000 288,673 0.02China Overseas Land & Investment 862,000 2,773,247 0.23China Resources Land 625,555 1,840,503 0.15China Vanke - Class H 245,300 979,029 0.08Country Garden Holdings 1,226,461 2,337,670 0.19DAMAC Properties Dubai 489,030 439,392 0.04Emaar Malls Group 248,175 143,926 0.01Emaar Properties 842,613 1,592,173 0.13Emlak Konut Gayrimenkul Yatirim Ortakligi 249,184 184,673 0.02Ezdan Holding Group 171,453 578,572 0.05Guangzhou R&F Properties - Class H 239,200 539,151 0.04Highwealth Construction 206,320 293,272 0.02IOI Properties Group 490,728 224,326 0.02Longfor Properties 350,000 876,645 0.07Megaworld 3,012,000 311,337 0.03Multiplan Empreendimentos Imobiliarios 20,621 440,755 0.04NEPI Rockcastle 79,999 1,380,080 0.11Pakuwon Jati 948,600 47,893 0.00Redefine Properties 1,072,969 927,364 0.08Robinsons Land 248,400 105,988 0.01Ruentex Development 239,390 257,019 0.02Shanghai Industrial Holdings 68,000 194,850 0.02Shanghai Lujiazui Finance & Trade Zone Development - Class B 258,200 373,357 0.03Shimao Property Holdings 307,500 668,709 0.05Sime Darby Property Bhd 494,872 217,661 0.02Sino-Ocean Land Holdings 669,002 461,274 0.04SM Prime Holdings 1,855,550 1,393,893 0.11SOHO China 315,000 184,149 0.01Sunac China Holdings 490,000 2,027,746 0.17

Real Estate Investment Trusts (0.36%) Fibra Uno Administracion 659,100 981,635 0.08Fortress REIT 153,111 229,543 0.02Fortress REIT 180,954 616,822 0.05Growthpoint Properties 564,667 1,261,607 0.10Hyprop Investments 49,767 471,540 0.04Resilient REIT 64,796 791,160 0.07

Retail (3.09%) ANTA Sports Products 241,000 1,092,890 0.09Astra International 4,722,600 2,889,079 0.24Atacadao Distribuicao Comercio e Industria 94,800 435,832 0.04BGF retail 3,432 48,889 0.00CCC 6,780 556,090 0.05CP ALL 1,119,900 2,645,974 0.22El Puerto de Liverpool - Class C1 52,900 336,075 0.03E-Mart 4,614 1,167,992 0.10



255


QuantityMarket

Value USD % of

Net Assets

Retail (3.09%) (continued) FF Group 6,673 152,246 0.01Foschini Group 49,269 785,319 0.06GOME Electrical Appliances Holding 2,659,197 319,758 0.03GS Retail 6,550 246,570 0.02Home Product Center 936,900 367,975 0.03Hotai Motor 57,000 678,058 0.06Hotel Shilla 6,770 536,895 0.04Hyundai Department Store 3,448 336,571 0.03Jollibee Foods 131,740 667,673 0.05JUMBO 31,285 559,749 0.05Lojas Renner 153,470 1,641,992 0.13Lotte Shopping 2,251 418,429 0.03Matahari Department Store 563,200 415,110 0.03Minor International 465,690 625,159 0.05Mr Price Group 62,221 1,230,699 0.10Pick n Pay Stores 77,143 433,446 0.04President Chain Store 131,000 1,250,197 0.10Raia Drogasil 55,100 1,524,880 0.13Robinson 107,500 240,795 0.02Ruentex Industries 164,728 280,096 0.02SACI Falabella 162,980 1,628,528 0.13Samsung C&T 17,118 2,014,729 0.17Shanghai Pharmaceuticals Holding - Class H 208,400 563,834 0.05Shinsegae 1,177 329,830 0.03SM Investments 58,325 1,156,686 0.09Steinhoff International Holdings 646,805 242,944 0.02Sun Art Retail Group 484,000 511,409 0.04Titan 68,328 918,658 0.08Truworths International 114,578 874,328 0.07Wal-Mart de Mexico 1,200,300 2,956,350 0.24Woolworths Holdings 212,524 1,121,159 0.09Yum China Holdings 85,400 3,417,708 0.28

Semiconductors (9.63%) Advanced Semiconductor Engineering 1,473,274 1,888,718 0.16Globalwafers 47,000 627,804 0.05Macronix International 361,000 536,190 0.04MediaTek 333,606 3,295,871 0.27Nanya Technology 180,000 460,910 0.04Novatek Microelectronics 125,000 476,754 0.04Phison Electronics 34,000 333,619 0.03Powertech Technology 175,900 520,161 0.04Realtek Semiconductor 111,974 410,140 0.03Samsung Electronics 21,881 52,078,640 4.27Semiconductor Manufacturing International 735,700 1,272,391 0.10Siliconware Precision Industries 548,000 926,270 0.08SK Hynix 130,950 9,357,503 0.77Taiwan Semiconductor Manufacturing 5,518,000 42,555,270 3.49United Microelectronics 2,419,000 1,154,285 0.10Vanguard International Semiconductor 220,000 487,928 0.04Win Semiconductors Corp 66,000 627,653 0.05Winbond Electronics Corp 519,000 408,977 0.03

Shipping (0.08%) Hyundai Heavy Industries 5,912 555,001 0.05Samsung Heavy Industries 60,089 411,426 0.03

Software (1.03%) CD Projekt SA 15,605 435,618 0.04HCL Technologies 129,888 1,812,154 0.15Kingsoft 219,000 728,384 0.06Momo 25,600 626,688 0.05NetEase - ADR 18,200 6,280,274 0.51Netmarble Games 3,320 584,578 0.05Tech Mahindra 102,938 812,908 0.07TravelSky Technology - Class H 232,000 695,944 0.06



256


QuantityMarket

Value USD % of

Net Assets

Software (1.03%) (continued) Vakrangee 42,394 279,128 0.02Vakrangee 42,394 279,129 0.02

Telecommunications (5.02%) Advanced Info Service 248,100 1,454,038 0.12America Movil - Class L 7,643,100 6,621,377 0.54Asia Pacific Telecom 910,000 305,183 0.03Axiata Group 691,572 938,159 0.08Bharti Airtel 266,468 2,211,191 0.18Bharti Infratel 147,597 875,835 0.07China Mobile 1,387,000 14,061,089 1.15China Telecom - Class H 3,262,000 1,552,280 0.13China Unicom Hong Kong 1,346,000 1,818,244 0.15Chunghwa Telecom 808,400 2,879,527 0.24DiGi.Com 671,900 846,724 0.07Emirates Telecommunications Group 391,000 1,863,020 0.15Empresa Nacional de Telecomunicaciones 38,864 437,313 0.04Far EasTone Telecommunications 400,000 987,953 0.08Global Telecom Holding 342,563 142,959 0.01Globe Telecom 9,705 369,381 0.03Hellenic Telecommunications Organization 55,161 761,729 0.06HTC 150,100 368,712 0.03Idea Cellular 272,548 461,808 0.04KT 6,130 173,212 0.01Maxis 429,700 638,126 0.05Meitu Inc 331,500 461,377 0.04Mobile TeleSystems - Sponsored ADR 104,100 1,060,779 0.09MTN Group 394,774 4,355,907 0.36O2 Czech Republic 22,000 286,124 0.02Ooredoo 20,203 504,798 0.04Orange Polska 168,781 281,237 0.02PLAY Communications 22,498 218,907 0.02PLDT 17,653 523,366 0.04Samsung SDI 12,433 2,374,993 0.19SK Telecom 4,944 1,233,056 0.10Taiwan Mobile 274,500 991,607 0.08Telekom Malaysia 300,108 467,181 0.04Telekomunikasi Indonesia Persero 10,984,000 3,594,543 0.30Telkom 67,397 261,966 0.02Tim Participacoes 153,700 606,997 0.05Tower Bersama Infrastructure 567,900 268,934 0.02True 1,676,376 318,918 0.03Turk Telekomunikasyon 122,645 208,312 0.02Turkcell Iletisim Hizmetleri 236,380 965,071 0.08Vodacom Group 135,611 1,595,784 0.13XL Axiata 782,250 170,662 0.01ZTE - Class H 187,048 702,271 0.06

Textile (0.01%) Formosa Taffeta 133,000 139,889 0.01

Transportation (0.34%) Bangkok Expressway & Metro 1,786,000 421,976 0.03BTS Group Holdings 937,400 238,736 0.02CJ Korea Express 1,661 217,216 0.02Container Corp of India 15,050 325,239 0.03Evergreen Marine 472,266 259,474 0.02Hyundai Glovis 3,043 386,575 0.03MISC 298,900 548,020 0.04Pan Ocean 66,091 325,346 0.03Qatar Gas Transport 45,261 199,959 0.02Rumo 214,900 840,268 0.07Taiwan High Speed Rail 463,000 365,627 0.03

Water (0.27%) Aguas Andinas - Class A 378,021 248,334 0.02Beijing Enterprises Water Group 1,248,000 965,858 0.08



257


QuantityMarket

Value USD % of

Net Assets

Water (0.27%) (continued) Companhia de Saneamento Basico do Estado de Sao Paulo 63,200 654,082 0.05Guangdong Investment 710,000 950,021 0.08Metro Pacific Investments 3,391,900 465,435 0.04 Total Common Stocks 1,174,991,212 96.40

Preferred Stocks

Auto Manufacturers (0.11%) Hyundai Motor 5,943 520,162 0.04Hyundai Motor 2nd 8,353 795,858 0.07

Banks (1.51%) Banco Bradesco 693,193 7,073,824 0.58Bancolombia 173,322 1,737,576 0.14Grupo Aval Acciones y Valores 827,527 357,685 0.03Itau Unibanco Holding 722,764 9,277,770 0.76

Beverages (0.01%) Embotelladora Andina - Class B 33,934 169,400 0.01

Chemicals (0.18%) Braskem - Class A 39,100 505,326 0.04LG Chem 1,845 429,130 0.04Sociedad Quimica y Minera de Chile - Class B 20,424 1,210,535 0.10

Cosmetics & Personal Care (0.04%) Amorepacific 1,372 212,743 0.02LG Household & Health Care 389 253,629 0.02

Electric (0.07%) Centrais Eletricas Brasileiras - Class B 65,500 448,238 0.04Companhia Energetica de Minas Gerais 196,670 407,320 0.03

Food (0.07%) Companhia Brasileira de Distribuicao 33,523 797,676 0.07

Holding Companies - Diversified Operations (0.23%) Itausa - Investimentos Itau 851,080 2,776,125 0.23

Investment Companies (0.02%) Grupo de Inversiones Suramericana 19,344 252,778 0.02

Iron & Steel (0.07%) Gerdau 239,000 891,990 0.07

Oil & Gas (0.38%) Petroleo Brasileiro 883,500 4,288,189 0.35Surgutneftegas 811,067 395,240 0.03

Pipelines (0.03%) AK Transneft 121 374,110 0.03

Retail (0.06%) Lojas Americanas 148,655 764,091 0.06

Semiconductors (0.64%) Samsung Electronics 3,976 7,762,216 0.64

Telecommunications (0.13%) Telefonica Brasil 104,737 1,535,170 0.13 Total Preferred Stocks 43,236,781 3.55



258


QuantityMarket

Value USD % of

Net Assets

Common Stocks

Semiconductors (0.00%) Hanergy Thin Film Power Group* 1,094,000 0 0.00 Total Common Stocks 0 0.00 TOTAL INVESTMENTS (Cost USD 987,470,901) 1,218,227,993 99.95

Other net assets 646,389 0.05

TOTAL NET ASSETS 1,218,874,382 100.00

*Investment which has less than 0.5 shares and/or less than 0.5 USD has been rounded down to zero.

UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF Annual report as of 31 December 2017


259


QuantityMarket

Value USD % of

Net Assets

Common Stocks

Agriculture (0.12%) HAP Seng Consolidated 196,600 463,931 0.12

Airlines (0.33%) China Airlines 849,000 332,371 0.08Eva Airways 752,369 400,727 0.10Korean Air Lines 18,838 595,644 0.15

Apparel (0.94%) Far Eastern New Century 1,255,620 1,130,790 0.28Shenzhou International Group Holdings 279,000 2,655,341 0.66

Auto Manufacturers (3.42%) Byd - Class H 243,500 2,121,237 0.53Geely Automobile Holdings 1,838,000 6,371,740 1.58Guangzhou Automobile Group - Class H 776,000 1,838,425 0.45Mahindra & Mahindra 277,773 3,268,737 0.81UMW Holdings 148,700 191,065 0.05

Auto Parts & Equipment (0.35%) Hankook Tire 27,745 1,415,046 0.35

Banks (16.22%) Abu Dhabi Commercial Bank 779,069 1,442,406 0.36Banco Bradesco 340,782 3,293,681 0.82Bank Danamon Indonesia 1,265,500 648,257 0.16Bank Mandiri Persero 6,990,900 4,122,145 1.02Bank Millennium 208,677 536,886 0.13Bank Negara Indonesia Persero 2,801,900 2,044,504 0.51Bank of the Philippine Islands 288,490 624,715 0.15Barclays Africa Group 253,643 3,728,634 0.93BDO Unibank 749,686 2,462,911 0.61China Minsheng Banking - Class H 2,079,000 2,082,378 0.52CIMB Group Holdings 1,677,887 2,711,485 0.67FirstRand 1,257,690 6,831,959 1.70Gentera 335,600 281,132 0.07Kasikornbank 466,600 3,421,829 0.85Kasikornbank - NVDR 230,700 1,642,295 0.41Komercni banka 27,606 1,188,123 0.29Krung Thai Bank 1,307,000 770,003 0.19Malayan Banking 1,570,388 3,802,768 0.94Nedbank Group 84,376 1,745,452 0.43Public Bank 1,083,000 5,560,845 1.38Siam Commercial Bank 684,400 3,150,046 0.78Standard Bank Group 486,254 7,685,013 1.91Taiwan Business Bank 1,471,210 414,787 0.10Woori Bank 138,837 2,042,579 0.51Yes Bank 633,433 3,127,592 0.78

Beverages (2.38%) Arca Continental 162,000 1,125,484 0.28Coca-Cola Femsa - Class L 189,600 1,327,118 0.33Coca-Cola Icecek 27,678 249,800 0.06Fomento Economico Mexicano 729,900 6,899,645 1.71

Building Materials (0.37%) Cementos Argos 173,869 671,125 0.17Grupo Argos 116,998 818,535 0.20

Chemicals (2.29%) Asian Paints 108,429 1,968,039 0.49IRPC 3,479,800 752,764 0.19LG Chem 17,168 6,494,830 1.61



260


QuantityMarket

Value USD % of

Net Assets

Coal (0.58%) Adaro Energy 5,423,100 743,465 0.19Banpu - Registered 750,100 448,817 0.11Exxaro Resources 87,124 1,143,591 0.28

Commercial Services (1.52%) Cielo 458,100 3,248,172 0.81DP World 64,292 1,607,300 0.40Localiza Rent a Car 190,260 1,265,303 0.31

Computers (6.96%) Acer 1,102,000 894,309 0.22Infosys 684,716 11,178,697 2.77Inventec 917,000 731,850 0.18Lenovo Group 2,680,000 1,511,878 0.38Lite-On Technology 824,000 1,124,196 0.28SK Holdings 11,701 3,093,161 0.77Tata Consultancy Services 171,263 7,247,904 1.80Wipro 457,250 2,251,237 0.56

Cosmetics & Personal Care (2.32%) Amorepacific 12,015 3,417,465 0.85AMOREPACIFIC Group 10,586 1,394,261 0.35LG Household & Health Care 3,502 3,889,476 0.97Natura Cosmeticos 62,700 624,902 0.15

Distribution & Wholesale (0.75%) LG 35,648 3,030,188 0.75

Diversified Financial Services (10.64%) B3 SA - Brasil Bolsa Balcao 774,700 5,320,209 1.32BNK Financial Group 100,572 884,955 0.22Chailease Holding 468,040 1,362,040 0.34DGB Financial Group 61,398 605,062 0.15Housing Development Finance 563,614 15,103,292 3.75Investec 107,006 775,491 0.19KB Financial Group 147,694 8,746,719 2.17Mahindra & Mahindra Financial Services 98,688 731,492 0.18RMB Holdings 257,553 1,647,049 0.41Samsung Card 10,308 381,296 0.09Shinhan Financial Group 158,804 7,327,932 1.82

Electric (0.64%) Cia Energetica de Minas Gerais 45,009 93,625 0.02EDP - ADR 110,088 464,632 0.12Engie Brasil Energia 63,000 674,423 0.17Huaneng Renewables - Class H 1,748,000 592,558 0.15Inter RAO UES 12,712,123 742,795 0.18

Electrical Components & Equipment (2.03%) Delta Electronics 724,000 3,491,238 0.87LG Electronics 39,979 3,958,501 0.98LG Innotek 5,312 714,519 0.18

Electronics (1.08%) LG Display 87,009 2,430,124 0.60Samsung Electro-Mechanics 20,698 1,933,399 0.48

Energy - Alternate Sources (0.21%) China Longyuan Power Group - Class H 1,189,000 845,668 0.21

Engineering & Construction (0.35%) Grupo Aeroportuario del Sureste - Class B 77,795 1,423,733 0.35

Food (2.86%) CJ CheilJedang 3,001 1,025,983 0.25Indofood CBP Sukses Makmur 908,800 596,154 0.15Nestle India 8,703 1,073,212 0.27



261


QuantityMarket

Value USD % of

Net Assets

Food (2.86%) (continued) Pioneer Foods Group 49,172 544,467 0.14SPAR Group 73,436 1,206,118 0.30Standard Foods 225,221 560,053 0.14Tiger Brands 60,083 2,232,486 0.55Ulker Biskuvi Sanayi 55,760 289,271 0.07Uni-President Enterprises 1,798,280 3,988,322 0.99

Forest Products & Paper (0.57%) Klabin 217,000 1,151,367 0.29Mondi 44,493 1,147,438 0.28

Healthcare Products (0.81%) Aspen Pharmacare Holdings 145,234 3,255,447 0.81

Healthcare Services (0.41%) Bangkok Dusit Medical Services - Class F 1,404,500 900,707 0.22Netcare 378,329 768,577 0.19

Holding Companies - Diversified Operations (1.88%) Empresas COPEC 173,996 2,758,563 0.68Imperial Holdings 54,304 1,149,859 0.29KOC Holding 277,453 1,352,287 0.34Siam Cement - NVDR 28,000 415,833 0.10Siam Cement - Registered 125,750 1,890,687 0.47

Home Furnishings (0.89%) Arcelik 97,544 553,631 0.14Coway 19,553 1,784,436 0.44Haier Electronics Group 457,000 1,251,046 0.31

Household Products (0.25%) Kimberly-Clark de Mexico - Class A 577,800 1,023,269 0.25

Insurance (2.16%) Hyundai Marine & Fire Insurance 24,312 1,067,361 0.27Samsung Fire & Marine Insurance 11,685 2,914,292 0.72Sanlam 523,794 3,680,943 0.91Shin Kong Financial Holding 2,960,134 1,044,455 0.26

Iron & Steel (0.97%) China Steel 4,701,000 3,909,799 0.97

Machinery - Construction & Mining (0.41%) United Tractors 637,300 1,662,828 0.41

Machinery - Diversified (0.44%) Doosan Heavy Industries & Construction 18,808 269,677 0.07WEG 208,400 1,514,734 0.37

Media (0.25%) Astro Malaysia Holdings 542,300 355,102 0.09Cyfrowy Polsat 89,067 637,218 0.16

Mining (0.26%) Industrias Penoles 50,590 1,059,221 0.26

Miscellaneous Manufacturers (0.42%) CRRC - Class H 1,573,000 1,682,202 0.42

Oil & Gas (6.12%) Bharat Petroleum 282,936 2,294,872 0.57Cosan Industria e Comercio 62,200 778,180 0.19GS Holdings 18,899 1,098,050 0.27MOL Hungarian Oil & Gas 137,799 1,602,922 0.40Novatek - GDR - Registered 33,526 4,029,825 1.00Petronas Dagangan 89,100 534,116 0.13Polski Koncern Naftowy Orlen 113,295 3,456,104 0.86



262


QuantityMarket

Value USD % of

Net Assets

Oil & Gas (6.12%) (continued) SK Innovation 24,050 4,594,111 1.14S-Oil 16,640 1,818,579 0.45Thai Oil 424,500 1,348,136 0.34Ultrapar Participacoes 137,000 3,097,585 0.77

Pharmaceuticals & Biotechnology (0.95%) Dr Reddy's Laboratories 42,415 1,604,297 0.40Kalbe Farma 7,475,200 931,129 0.23Piramal Enterprises 28,385 1,275,107 0.32

Real Estate (1.52%) Central Pattana 407,800 1,066,737 0.26Central Pattana - NVDR 104,000 272,047 0.07NEPI Rockcastle 138,555 2,390,241 0.59SM Prime Holdings 3,191,800 2,397,686 0.60

Real Estate Investment Trusts (0.44%) Growthpoint Properties 799,547 1,786,387 0.44

Retail (5.40%) Astra International 7,533,700 4,608,786 1.14Foschini Group 86,214 1,374,201 0.34Home Product Center 1,354,407 531,955 0.13Hotai Motor 100,000 1,189,576 0.29Lojas Renner 266,250 2,848,637 0.71Minor International 773,070 1,037,797 0.26Mr Price Group 89,274 1,765,794 0.44President Chain Store 218,000 2,080,481 0.52SACI Falabella 274,761 2,745,466 0.68Titan 116,149 1,561,604 0.39Woolworths Holdings 380,960 2,009,733 0.50

Semiconductors (5.70%) Advanced Semiconductor Engineering 2,495,565 3,199,281 0.79Siliconware Precision Industries 787,000 1,330,245 0.33Taiwan Semiconductor Manufacturing 2,393,000 18,455,013 4.58

Software (0.72%) HCL Technologies 208,765 2,912,620 0.72

Telecommunications (7.85%) Asia Pacific Telecom 780,000 261,586 0.07Axiata Group 1,005,749 1,364,359 0.34Bharti Airtel 447,198 3,710,915 0.92Chunghwa Telecom 1,390,000 4,951,191 1.23DiGi.Com 1,164,300 1,467,242 0.36Far EasTone Telecommunications 613,000 1,514,038 0.38Maxis 713,800 1,060,029 0.26MTN Group 636,207 7,019,861 1.74Ooredoo 32,991 824,322 0.20Samsung SDI 20,418 3,900,314 0.97Taiwan Mobile 571,000 2,062,688 0.51Telekom Malaysia 431,292 671,396 0.17Vodacom Group 220,763 2,597,799 0.64XL Axiata 1,065,975 232,562 0.06

Transportation (0.21%) BTS Group Holdings 1,917,300 488,296 0.12Qatar Gas Transport 84,634 373,905 0.09

Water (0.17%) Aguas Andinas - Class A 1,057,267 694,552 0.17 Total Common Stocks 383,491,143 95.16



263


QuantityMarket

Value USD % of

Net Assets

Preferred Stocks

Banks (2.89%) Banco Bradesco 1,141,270 11,646,314 2.89

Chemicals (0.70%) LG Chem 2,832 658,697 0.16Sociedad Quimica y Minera de Chile - Class B 36,307 2,151,924 0.54

Cosmetics & Personal Care (0.13%) Amorepacific 3,268 506,738 0.13

Electric (0.17%) Companhia Energetica de Minas Gerais 323,400 669,789 0.17

Food (0.34%) Companhia Brasileira de Distribuicao 57,600 1,370,585 0.34

Telecommunications (0.61%) Telefonica Brasil 169,200 2,480,029 0.61 Total Preferred Stocks 19,484,076 4.84 TOTAL INVESTMENTS (Cost USD 330,057,676) 402,975,219 100.00

Other net liabilities (453) 0.00

TOTAL NET ASSETS 402,974,766 100.00

UBS ETF – MSCI World Socially Responsible UCITS ETF Annual report as of 31 December 2017


264


QuantityMarket

Value USD % of

Net Assets

Common Stocks

Advertising (0.26%) JCDecaux 3,863 155,883 0.03WPP 71,708 1,300,810 0.23

Agriculture (0.10%) Bunge 8,100 543,348 0.10

Airlines (0.18%) easyJet 9,282 183,823 0.03Singapore Airlines 30,900 246,710 0.05Southwest Airlines 8,400 549,780 0.10

Apparel (1.62%) adidas 10,481 2,103,681 0.38Asics 11,100 176,969 0.03Gildan Activewear 11,910 386,021 0.07Hanesbrands 19,400 405,654 0.07NIKE - Class B 73,128 4,574,157 0.82VF 18,792 1,390,608 0.25

Auto Manufacturers (1.00%) Honda Motor 95,900 3,287,757 0.59Tesla Motors 7,379 2,297,451 0.41

Auto Parts & Equipment (0.40%) Denso 26,600 1,596,944 0.29NGK Insulators 16,100 304,135 0.05Stanley Electric 8,200 333,023 0.06

Banks (8.85%) Banco Bilbao Vizcaya Argentaria 370,878 3,167,332 0.57Bank Hapoalim 58,492 431,152 0.08Bank of Montreal 36,316 2,915,540 0.52Bank of New York Mellon 57,900 3,118,494 0.56Bank of Nova Scotia 66,850 4,328,083 0.77BOC Hong Kong Holdings 203,000 1,028,335 0.18Canadian Imperial Bank of Commerce 24,484 2,394,564 0.43Comerica 9,310 808,201 0.14DBS Group Holdings 101,200 1,881,787 0.34Hang Seng Bank 41,100 1,019,968 0.18Intesa Sanpaolo 744,260 2,475,570 0.44Intesa Sanpaolo - Rsp 40,782 130,263 0.02Investec 33,435 241,976 0.04KBC Groep 14,287 1,219,951 0.22KeyCorp 60,900 1,228,353 0.22M&T Bank 7,420 1,268,746 0.23Macquarie Group 18,663 1,454,326 0.26National Australia Bank 150,704 3,485,509 0.62Natixis 47,727 378,021 0.07Northern Trust 11,812 1,179,901 0.21PNC Financial Services Group 26,600 3,838,114 0.69Signature Bank 3,082 423,035 0.08Skandinaviska Enskilda Banken - Class A 86,004 1,011,565 0.18Standard Chartered 183,006 1,931,226 0.35State Street 20,888 2,038,878 0.37Sumitomo Mitsui Trust Holdings 18,500 734,581 0.13SVB Financial Group 2,900 677,933 0.12Westpac Banking 189,900 4,656,425 0.83

Beverages (0.11%) Coca-Cola HBC - CDI 9,321 305,137 0.06Suntory Beverage & Food 6,600 293,529 0.05

Building Materials (1.37%) Boral 65,737 400,532 0.07CRH 43,483 1,564,082 0.28



265


QuantityMarket

Value USD % of

Net Assets

Building Materials (1.37%) (continued) Daikin Industries 14,000 1,657,257 0.30Fletcher Building 35,577 192,298 0.03HeidelbergCement 8,528 924,199 0.17Imerys 1,634 154,104 0.03Johnson Controls International 51,844 1,975,775 0.35Masco 17,566 771,850 0.14

Chemicals (3.64%) Air Liquide 23,485 2,962,493 0.53Air Products & Chemicals 12,167 1,996,361 0.36Akzo Nobel 14,108 1,237,024 0.22Asahi Kasei 72,300 932,872 0.17Axalta Coating Systems 12,900 417,444 0.08Croda International 7,536 450,997 0.08Givaudan - Registered 517 1,194,750 0.21Hitachi Chemical 6,700 172,124 0.03International Flavors & Fragrances 4,134 630,890 0.11Johnson Matthey 11,086 461,145 0.08Kaneka 14,000 127,883 0.02Kansai Paint 10,900 283,313 0.05Mosaic 18,500 474,710 0.09Nitto Denko 8,900 790,848 0.14Novozymes - Class B 12,765 729,823 0.13Potash 47,639 980,193 0.18Praxair 15,946 2,466,527 0.44Sherwin-Williams 4,638 1,901,765 0.34Sumitomo Chemical 84,000 603,995 0.11Teijin 10,800 240,639 0.04Toray Industries 78,600 741,345 0.13Umicore 11,507 545,174 0.10

Commercial Services (2.09%) Benesse Holdings 4,300 151,731 0.03Brambles 92,037 724,907 0.13Dai Nippon Printing 13,500 301,158 0.05Ecolab 14,650 1,965,737 0.35Groupe Eurotunnel - Registered 23,816 306,573 0.05IHS Markit 21,905 989,011 0.18Intertek Group 8,527 598,661 0.11ISS 10,467 405,654 0.07ManpowerGroup 3,444 434,323 0.08RELX - GB 58,001 1,364,434 0.24RELX - NL 55,825 1,284,720 0.23Robert Half International 6,800 377,672 0.07SGS - Registered 313 816,145 0.15Transurban Group 120,875 1,175,162 0.21United Rentals 4,700 807,977 0.14

Computers (1.85%) Accenture - Class A 34,397 5,265,837 0.94CGI Group - Class A 12,200 665,039 0.12Fujitsu 114,000 812,320 0.15Hewlett Packard Enterprise 89,900 1,290,964 0.23HP 93,225 1,958,657 0.35Nomura Research Institute 6,915 321,656 0.06

Cosmetics & Personal Care (5.01%) Essity 34,853 991,847 0.18Kao 27,600 1,866,706 0.33L'Oreal 13,788 3,062,149 0.55Procter & Gamble 141,610 13,011,127 2.33Unilever 70,286 3,922,499 0.70Unilever - CVA 91,220 5,143,310 0.92

Distribution & Wholesale (0.47%) LKQ 16,600 675,122 0.12Travis Perkins 12,201 258,632 0.05



266


QuantityMarket

Value USD % of

Net Assets

Distribution & Wholesale (0.47%) (continued) Wolseley 13,561 977,769 0.17WW Grainger 3,073 725,996 0.13

Diversified Financial Services (3.27%) AEON Financial Service 6,800 158,395 0.03American Express 42,013 4,172,311 0.75ASX 11,834 507,782 0.09BlackRock 6,621 3,401,274 0.61Charles Schwab 67,252 3,454,735 0.62CME Group 18,909 2,761,660 0.49Deutsche Boerse 10,762 1,250,948 0.22Franklin Resources 19,452 842,855 0.15Schroders 6,669 317,196 0.06T Rowe Price Group 13,537 1,420,437 0.25

Electric (1.45%) AES 37,400 405,042 0.07AGL Energy 36,435 694,202 0.12CenterPoint Energy 22,421 635,860 0.11CMS Energy 16,000 756,800 0.14Consolidated Edison 17,621 1,496,904 0.27DONG Energy 10,556 576,627 0.10Eversource Energy 17,732 1,120,308 0.20Hydro One 15,600 278,894 0.05Mercury 25,453 61,004 0.01Meridian Energy 59,563 123,907 0.02Red Electrica 26,229 589,286 0.11SSE 53,649 957,972 0.17Terna Rete Elettrica Nazionale 71,718 417,160 0.08

Electrical Components & Equipment (0.84%) Acuity Brands 2,200 387,200 0.07Legrand 14,738 1,135,996 0.20OSRAM Licht 5,679 510,974 0.09Schneider Electric 31,130 2,648,811 0.48

Electronics (2.41%) Agilent Technologies 18,312 1,226,355 0.22Allegion 5,200 413,712 0.07Assa Abloy - Class B 56,375 1,173,289 0.21Corning 51,284 1,640,575 0.29Koninklijke Philips 52,994 2,007,054 0.36Kyocera 17,600 1,151,929 0.21Mettler-Toledo International 1,365 845,645 0.15Murata Manufacturing 10,700 1,436,165 0.26Omron 10,500 626,365 0.11TE Connectivity 19,700 1,872,288 0.34Waters 4,264 823,762 0.15Yokogawa Electric 12,200 233,711 0.04

Energy - Alternate Sources (0.15%) Vestas Wind Systems 11,981 828,568 0.15

Engineering & Construction (0.64%) Aeroports de Paris 1,672 318,226 0.06Auckland International Airport 54,216 249,859 0.04Eiffage 4,446 487,642 0.09Ferrovial 29,411 668,369 0.12Fraport Frankfurt Airport Services Worldwide 2,186 241,128 0.04LendLease Group 33,427 427,470 0.08Obayashi 36,600 443,164 0.08Skanska - Class B 20,645 428,660 0.08Sydney Airport 57,172 315,255 0.05

Entertainment (0.08%) Vail Resorts 2,200 467,434 0.08



267


QuantityMarket

Value USD % of

Net Assets

Food (3.11%) Ajinomoto 29,200 549,784 0.10Campbell Soup 9,815 472,199 0.08Casino Guichard Perrachon 3,423 207,819 0.04Chocoladefabriken Lindt & Spruengli 55 335,813 0.06Chocoladefabriken Lindt & Spruengli - Registered 5 361,647 0.06ConAgra Foods 22,763 857,482 0.15Danone 33,512 2,814,873 0.50General Mills 32,453 1,924,138 0.34ICA Gruppen 4,171 151,761 0.03J Sainsbury 92,468 301,958 0.05Jeronimo Martins 13,748 267,357 0.05Kellogg 14,591 991,896 0.18McCormick & Co - Non-Voting Shares 6,600 672,606 0.12Metro 12,424 399,111 0.07METRO 9,621 192,356 0.03Mondelez International - Class A 84,226 3,604,873 0.65Orkla 46,249 492,212 0.09Toyo Suisan Kaisha 4,700 200,892 0.04Wesfarmers 63,704 2,213,275 0.40WM Morrison Supermarkets 121,577 361,655 0.07

Forest Products & Paper (0.27%) Mondi 21,110 551,427 0.10UPM-Kymmene 30,874 960,574 0.17

Gas (1.12%) Canadian Utilities - Class A 7,091 211,720 0.04Enagas 12,690 363,735 0.06National Grid 188,585 2,232,453 0.40NiSource 18,700 480,029 0.09Osaka Gas 20,600 396,822 0.07Sempra Energy 13,261 1,417,866 0.25Snam 128,976 631,887 0.11Tokyo Gas 23,300 533,325 0.10

Hand & Machine Tools (0.14%) Finning International 9,300 235,441 0.04Snap-on 3,035 529,001 0.10

Healthcare Products (2.16%) Align Technology 4,300 955,417 0.17Becton Dickinson & Co 12,627 2,702,936 0.48Coloplast - Class B 6,580 523,713 0.09Cooper Companies 2,530 551,236 0.10Edwards Lifesciences 11,787 1,328,513 0.24Essilor International 11,346 1,566,111 0.28Henry Schein 8,506 594,399 0.11IDEXX Laboratories 4,900 766,262 0.14Lonza Group - Registered 4,219 1,139,931 0.20ResMed 7,700 652,113 0.12Sysmex 8,800 692,907 0.13Varian Medical Systems 5,148 572,200 0.10

Healthcare Services (1.99%) Anthem 14,562 3,276,596 0.59Centene 9,592 967,641 0.17Cigna 13,998 2,842,854 0.51Envision Healthcare 7,170 247,795 0.04HCA Healthcare 16,200 1,423,008 0.25Healthscope 88,491 145,348 0.03IQVIA Holdings 7,500 734,250 0.13Mediclinic International 18,264 160,469 0.03Quest Diagnostics 7,400 728,826 0.13Ramsay Health Care 7,746 424,824 0.08Ryman Healthcare 22,259 167,646 0.03



268


QuantityMarket

Value USD % of

Net Assets

Holding Companies - Diversified Operations (0.12%) Keppel 84,200 463,088 0.08Swire Pacific - Class A 25,500 236,005 0.04

Home Builders (0.66%) Barratt Developments 55,646 487,406 0.09Berkeley Group Holdings 7,258 412,072 0.07Daiwa House Industry 32,500 1,248,358 0.22Sekisui Chemical 23,400 469,869 0.08Sekisui House 33,300 601,706 0.11Taylor Wimpey 176,599 493,078 0.09

Home Furnishings (0.89%) Panasonic 123,200 1,803,980 0.32Sony 70,400 3,176,593 0.57

Household Products (0.90%) Clorox 7,207 1,071,969 0.19Henkel & Co 5,507 661,281 0.12Kimberly-Clark 19,643 2,370,124 0.42Newell Brands 26,500 818,850 0.15Societe BIC 1,206 132,739 0.02

Insurance (4.91%) Allianz - Registered 25,205 5,795,971 1.04AMP 150,813 612,204 0.11Assicurazioni Generali 69,097 1,261,170 0.22AXA 106,405 3,160,419 0.56Chubb 25,878 3,781,552 0.68CNP Assurances 8,925 206,359 0.04Insurance Australia Group 125,914 713,022 0.13Legal & General Group 323,138 1,194,662 0.21Marsh & McLennan Companies 28,676 2,333,940 0.42Münchener Rückversicherungs-Gesellschaft - Registered 8,812 1,912,597 0.34Old Mutual 266,291 834,641 0.15Principal Financial Group 16,028 1,130,936 0.20Sompo Holdings 19,900 770,915 0.14Swiss Re 17,724 1,659,636 0.30Travelers Companies 15,375 2,085,465 0.37

Internet (0.05%) Seek 18,499 275,056 0.05

Iron & Steel (0.06%) Hitachi Metals 10,200 146,503 0.03Kobe Steel 19,700 182,748 0.03

Lodging (0.82%) Accor 10,417 537,876 0.10City Developments 23,300 217,762 0.04HiltonWorldwide Holdings 10,800 862,488 0.15Marriott International - Class A 17,672 2,398,620 0.43Whitbread 10,183 551,002 0.10

Machinery - Construction & Mining (1.26%) Caterpillar 32,940 5,190,685 0.93Komatsu 51,500 1,864,332 0.33

Machinery - Diversified (1.67%) AGCO 3,500 250,005 0.05CNH Industrial 54,700 733,688 0.13Cummins 8,845 1,562,381 0.28Daifuku 5,000 272,525 0.05Deere & Co 15,235 2,384,430 0.43Flowserve 7,579 319,303 0.06Kubota 57,700 1,131,719 0.20Rockwell Automation 6,920 1,358,742 0.24



269


QuantityMarket

Value USD % of

Net Assets

Machinery - Diversified (1.67%) (continued) Xylem 10,100 688,820 0.12Yaskawa Electric 14,400 634,674 0.11

Media (3.05%) ITV 201,713 451,595 0.08Liberty Global - Class A 10,500 376,320 0.07Liberty Global - Class C 31,039 1,050,360 0.19Scripps Networks Interactive - Class A 4,561 389,418 0.07Time Warner 43,340 3,964,310 0.71Vivendi 58,231 1,567,692 0.28Walt Disney 85,945 9,239,947 1.65

Metal Fabricate & Hardware (0.08%) SKF - Class B 20,565 457,642 0.08

Mining (0.56%) Agnico Eagle Mines 12,591 583,249 0.10Boliden 15,791 541,185 0.10Norsk Hydro 71,844 547,656 0.10Sumitomo Metal Mining 13,700 629,726 0.11Teck Resources - Class B 31,500 826,374 0.15

Miscellaneous Manufacturers (0.96%) Dover 8,779 886,591 0.16FUJIFILM Holdings 22,500 919,774 0.16IMI 14,988 270,266 0.05Ingersoll-Rand 14,207 1,267,122 0.23Parker-Hannifin 7,442 1,485,274 0.26Wartsila 8,618 544,331 0.10

Oil & Gas (4.72%) ARC Resources 17,090 201,187 0.04Cenovus Energy 58,413 535,202 0.10ConocoPhillips 67,900 3,727,031 0.67DCC 4,730 477,649 0.08Devon Energy 28,142 1,165,079 0.21Encana 51,900 694,651 0.12Galp Energia 28,226 519,422 0.09Hess 15,573 739,250 0.13Inpex 54,500 681,673 0.12Marathon Oil 47,900 810,947 0.14Neste 6,702 429,348 0.08Noble Energy 25,196 734,211 0.13OMV 7,660 485,937 0.09Phillips 66 24,200 2,447,830 0.44Pioneer Natural Resources 9,542 1,649,335 0.29Repsol 69,974 1,238,946 0.22Statoil 64,122 1,373,480 0.25Total 131,432 7,266,987 1.30Woodside Petroleum 47,132 1,219,471 0.22

Oil & Gas Services (0.40%) Barker Hughes 23,629 747,622 0.13National Oilwell Varco 20,600 742,012 0.13TechnipFMC - FR 6,131 190,310 0.04TechnipFMC - US 18,000 563,580 0.10

Packaging & Containers (0.27%) Amcor 67,751 817,128 0.15Ball 18,088 684,631 0.12

Pharmaceuticals & Biotechnology (6.23%) Alfresa Holdings 10,800 253,774 0.04AmerisourceBergen 8,856 813,158 0.15Astellas Pharma 115,000 1,466,977 0.26Biogen 11,734 3,738,100 0.67Cardinal Health 17,829 1,092,383 0.20



270


QuantityMarket

Value USD % of

Net Assets

Pharmaceuticals & Biotechnology (6.23%) (continued) Eisai 15,000 854,327 0.15Gilead Sciences 72,702 5,208,371 0.93Jazz Pharmaceuticals 3,300 444,345 0.08Kyowa Hakko Kirin 13,800 266,935 0.05Merck 7,387 796,110 0.14Novo Nordisk - Class B 103,591 5,588,541 1.00Roche Holding 39,126 9,896,931 1.77Suzuken 3,960 162,935 0.03TESARO 2,300 190,601 0.03Vertex Pharmaceuticals 14,031 2,102,686 0.38Zoetis 27,202 1,959,632 0.35

Pipelines (0.95%) APA Group 63,788 415,599 0.07Enbridge - CA 68,830 2,700,573 0.48Enbridge - US 22,483 879,310 0.16Koninklijke Vopak 3,962 173,984 0.03ONEOK 21,527 1,150,618 0.21

Real Estate (0.35%) CapitaLand 120,700 318,820 0.06CBRE Group - Class A 17,407 753,897 0.13First Capital Realty 9,500 157,101 0.03Hysan Development 23,000 121,954 0.02Jones Lang LaSalle 2,599 387,069 0.07Swire Properties 64,200 206,957 0.04

Real Estate Investment Trusts (2.61%) American Tower 23,942 3,415,805 0.61Ascendas Real Estate Investment Trust 99,500 202,514 0.04Boston Properties 8,532 1,109,416 0.20CapitaLand Mall Trust 113,700 181,219 0.03Dexus 57,030 434,909 0.08Equinix 4,324 1,959,723 0.35Goodman Group 100,231 660,092 0.12GPT Group 101,785 406,813 0.07HCP 26,659 695,267 0.12Iron Mountain 14,855 560,479 0.10Liberty Property Trust 8,753 376,466 0.07Mirvac Group 179,730 330,353 0.06Prologis 30,053 1,938,719 0.35Segro 55,647 441,873 0.08Stockland 132,610 464,670 0.08Unibail-Rodamco - FR 657 165,674 0.03Unibail-Rodamco - NL 4,931 1,243,441 0.22

Retail (3.43%) Aeon 34,900 589,412 0.10Best Buy 15,300 1,047,591 0.19Canadian Tire - Class A 3,726 487,403 0.09Gap 12,800 435,968 0.08Industria de Diseno Textil 60,227 2,100,552 0.38Kering 4,222 1,992,423 0.36Kingfisher 123,718 565,173 0.10Lawson 2,800 186,170 0.03Marks & Spencer Group 93,316 397,382 0.07McDonald's 45,084 7,759,858 1.39Nordstrom 6,803 322,326 0.06Pandora 5,802 632,096 0.11PVH 4,301 590,140 0.10Restaurant Brands International 12,623 778,466 0.14Tiffany & Co 7,064 734,303 0.13Tractor Supply 7,426 555,094 0.10

Savings & Loans (0.06%) People's United Financial 19,300 360,910 0.06



271


QuantityMarket

Value USD % of

Net Assets

Semiconductors (5.01%) ASML Holding 21,698 3,781,878 0.68Intel 260,900 12,043,144 2.15NVIDIA 33,300 6,443,550 1.15Texas Instruments 54,904 5,734,174 1.03

Software (7.23%) Autodesk 10,953 1,148,203 0.21Cerner 16,796 1,131,882 0.20Microsoft 328,261 28,079,446 5.02Salesforce.com 38,100 3,894,963 0.70SAP 54,775 6,146,565 1.10

Telecommunications (4.10%) Cisco Systems 277,708 10,636,216 1.90KDDI 101,000 2,514,465 0.45Motorola Solutions 9,119 823,811 0.15NTT DOCOMO 74,200 1,752,740 0.31Rogers Communications - Class B 20,343 1,039,921 0.19Sprint 46,376 273,155 0.05Swisscom - Registered 1,498 797,038 0.14TELUS 10,800 410,468 0.07Vodafone Group 1,473,162 4,683,126 0.84

Textile (0.17%) Mohawk Industries 3,400 938,060 0.17

Toys, Games & Hobbies (0.15%) Hasbro 6,154 559,337 0.10Mattel 18,000 276,840 0.05

Transportation (3.48%) Aurizon Holdings 102,623 398,122 0.07Canadian National Railway 42,139 3,485,939 0.62CH Robinson Worldwide 7,750 690,448 0.12CSX 50,917 2,800,944 0.50Expeditors International of Washington 10,000 646,900 0.12Hankyu Hanshin Holdings 13,700 550,919 0.10Kansas City Southern 5,939 624,902 0.11Keio 5,700 250,719 0.04Kintetsu Group Holdings 9,500 364,314 0.07Kuehne + Nagel International - Registered 3,254 576,003 0.10Kyushu Railway 8,100 251,305 0.05MTR 75,705 443,540 0.08Nippon Express 4,400 292,552 0.05Norfolk Southern 16,114 2,334,919 0.42Tokyu 30,400 485,213 0.09United Parcel Service - Class B 38,387 4,573,811 0.82West Japan Railway 9,300 679,193 0.12 Total Common Stocks 557,422,133 99.73

Preferred Stocks

Household Products (0.24%) Henkel & Co 10,057 1,332,636 0.24 Total Preferred Stocks 1,332,636 0.24



272


QuantityMarket

Value USD % of

Net Assets

Rights

Oil & Gas (0.01%) Repsol - Rights 63,414 28,860 0.01 Total Rights 28,860 0.01 TOTAL INVESTMENTS (Cost USD 478,027,780) 558,783,629 99.98


TOTAL NET ASSETS 558,903,581 100.00 Forward Foreign Exchange Contracts



USD % of Net Assets

JPY 171,000,000 USD 1,512,193 04 January 2018 5,783 0.00 Total Forward Foreign Exchange Contracts 5,783 0.00

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273


QuantityMarket

Value USD % of

Net Assets

Common Stocks

Agriculture (0.18%) Bunge 17,491 1,173,296 0.18

Airlines (0.19%) Southwest Airlines 18,725 1,225,551 0.19

Apparel (2.18%) Hanesbrands 45,808 957,845 0.15NIKE - Class B 161,723 10,115,774 1.56VF 40,919 3,028,006 0.47

Auto Manufacturers (0.80%) Tesla Motors 16,564 5,157,201 0.80

Banks (5.03%) Bank of New York Mellon 127,524 6,868,443 1.06Comerica 21,316 1,850,442 0.29KeyCorp 132,491 2,672,343 0.41M&T Bank 16,895 2,888,876 0.45Northern Trust 26,893 2,686,342 0.42PNC Financial Services Group 59,096 8,526,962 1.32Signature Bank 6,543 898,092 0.14State Street 46,437 4,532,715 0.70SVB Financial Group 6,596 1,541,947 0.24

Building Materials (0.94%) Johnson Controls International 114,167 4,350,904 0.67Masco 39,560 1,738,267 0.27

Chemicals (2.70%) Air Products & Chemicals 26,701 4,381,100 0.68Axalta Coating Systems 27,184 879,674 0.14International Flavors & Fragrances 9,779 1,492,373 0.23Mosaic 40,376 1,036,048 0.16Praxair 35,040 5,419,987 0.84Sherwin-Williams 10,334 4,237,354 0.65

Commercial Services (1.58%) Ecolab 31,948 4,286,783 0.66IHS Markit 48,817 2,204,087 0.34ManpowerGroup 8,062 1,016,699 0.16Robert Half International 16,034 890,528 0.14United Rentals 10,436 1,794,053 0.28

Computers (2.92%) Accenture - Class A 76,229 11,669,898 1.81Hewlett Packard Enterprise 198,261 2,847,028 0.44HP 206,429 4,337,073 0.67

Cosmetics & Personal Care (4.47%) Procter & Gamble 314,623 28,907,561 4.47

Distribution & Wholesale (0.48%) LKQ 37,993 1,545,175 0.24WW Grainger 6,631 1,566,574 0.24

Diversified Financial Services (5.50%) American Express 92,697 9,205,739 1.43BlackRock 14,882 7,645,032 1.18Charles Schwab 148,815 7,644,627 1.18CME Group 41,686 6,088,240 0.94Franklin Resources 41,748 1,808,941 0.28T Rowe Price Group 29,809 3,127,858 0.49



274


QuantityMarket

Value USD % of

Net Assets

Electric (1.50%) AES 78,521 850,383 0.13CenterPoint Energy 50,612 1,435,356 0.22CMS Energy 34,837 1,647,790 0.26Consolidated Edison 38,547 3,274,568 0.51Eversource Energy 38,790 2,450,752 0.38

Electrical Components & Equipment (0.14%) Acuity Brands 5,309 934,384 0.14

Electronics (2.35%) Agilent Technologies 39,764 2,662,995 0.41Allegion 11,504 915,258 0.14Corning 110,564 3,536,943 0.55Mettler-Toledo International 3,248 2,012,201 0.31TE Connectivity 43,905 4,172,731 0.65Waters 9,831 1,899,251 0.29

Entertainment (0.16%) Vail Resorts 5,006 1,063,625 0.16

Food (2.91%) Campbell Soup 22,031 1,059,911 0.16ConAgra Foods 50,973 1,920,153 0.30General Mills 71,671 4,249,374 0.66Kellogg 31,475 2,139,670 0.33McCormick & Co - Non-Voting Shares 14,483 1,475,963 0.23Mondelez International - Class A 186,549 7,984,297 1.23

Gas (0.64%) NiSource 39,431 1,012,194 0.15Sempra Energy 29,428 3,146,441 0.49

Hand & Machine Tools (0.20%) Snap-on 7,316 1,275,179 0.20

Healthcare Products (2.80%) Align Technology 9,384 2,085,031 0.33Becton Dickinson & Co 28,144 6,024,505 0.93Cooper Companies 5,991 1,305,319 0.20Edwards Lifesciences 25,796 2,907,467 0.45Henry Schein 19,616 1,370,766 0.21IDEXX Laboratories 10,852 1,697,036 0.26ResMed 17,540 1,485,463 0.23Varian Medical Systems 11,169 1,241,434 0.19

Healthcare Services (3.51%) Anthem 32,445 7,300,449 1.13Centene 21,095 2,128,064 0.33Cigna 30,841 6,263,499 0.97Envision Healthcare 15,448 533,883 0.08HCA Healthcare 35,359 3,105,934 0.48IQVIA Holdings 17,341 1,697,684 0.26Quest Diagnostics 16,925 1,666,943 0.26

Household Products (1.46%) Clorox 15,857 2,358,570 0.36Kimberly-Clark 43,263 5,220,114 0.81Newell Brands 59,829 1,848,716 0.29

Insurance (3.18%) Chubb 57,139 8,349,722 1.29Marsh & McLennan Companies 62,896 5,119,105 0.79Principal Financial Group 35,344 2,493,873 0.39Travelers Companies 33,820 4,587,345 0.71



275


QuantityMarket

Value USD % of

Net Assets

Lodging (1.12%) HiltonWorldwide Holdings 23,689 1,891,803 0.29Marriott International - Class A 39,183 5,318,309 0.83

Machinery - Construction & Mining (1.78%) Caterpillar 72,820 11,474,976 1.78

Machinery - Diversified (2.26%) AGCO 7,517 536,939 0.08Cummins 19,524 3,448,719 0.53Deere & Co 33,907 5,306,785 0.82Flowserve 16,334 688,151 0.11Rockwell Automation 15,796 3,101,545 0.48Xylem 22,513 1,535,387 0.24

Media (5.17%) Liberty Global - Class A 24,862 891,054 0.14Liberty Global - Class C 69,318 2,345,721 0.36Scripps Networks Interactive - Class A 10,401 888,037 0.14Time Warner 95,972 8,778,559 1.36Walt Disney 190,550 20,486,031 3.17

Miscellaneous Manufacturers (1.23%) Dover 19,252 1,944,260 0.30Ingersoll-Rand 30,927 2,758,379 0.43Parker-Hannifin 16,335 3,260,139 0.50

Oil & Gas (3.86%) ConocoPhillips 150,643 8,268,794 1.28Devon Energy 61,187 2,533,142 0.39Hess 35,330 1,677,115 0.26Marathon Oil 104,801 1,774,281 0.27Noble Energy 57,612 1,678,813 0.26Phillips 66 53,425 5,403,939 0.84Pioneer Natural Resources 20,894 3,611,528 0.56

Oil & Gas Services (0.77%) Barker Hughes 49,981 1,581,399 0.24National Oilwell Varco 47,186 1,699,640 0.26TechnipFMC 55,030 1,722,989 0.27

Packaging & Containers (0.24%) Ball 41,067 1,554,386 0.24

Pharmaceuticals & Biotechnology (5.34%) AmerisourceBergen 20,135 1,848,795 0.29Biogen 26,096 8,313,403 1.29Cardinal Health 39,141 2,398,169 0.37Gilead Sciences 160,850 11,523,294 1.78Jazz Pharmaceuticals 7,366 991,832 0.15TESARO 5,077 420,731 0.06Vertex Pharmaceuticals 30,865 4,625,429 0.72Zoetis 60,649 4,369,154 0.68

Pipelines (0.39%) ONEOK 46,628 2,492,267 0.39

Real Estate (0.38%) CBRE Group - Class A 37,758 1,635,299 0.25Jones Lang LaSalle 5,359 798,116 0.13

Real Estate Investment Trusts (3.42%) American Tower 52,658 7,512,717 1.16Boston Properties 19,369 2,518,551 0.39Equinix 9,650 4,373,573 0.68HCP 56,988 1,486,247 0.23Iron Mountain 32,985 1,244,524 0.19



276


QuantityMarket

Value USD % of

Net Assets

Real Estate Investment Trusts (3.42%) (continued) Liberty Property Trust 17,963 772,589 0.12Prologis 65,165 4,203,794 0.65

Retail (3.93%) Best Buy 34,228 2,343,591 0.36Gap 29,423 1,002,147 0.16McDonald's 100,031 17,217,336 2.67Nordstrom 15,197 720,034 0.11PVH 9,407 1,290,734 0.20Tiffany & Co 15,442 1,605,196 0.25Tractor Supply 15,885 1,187,404 0.18

Savings & Loans (0.13%) People's United Financial 44,487 831,907 0.13

Semiconductors (8.33%) Intel 579,513 26,750,320 4.14NVIDIA 73,861 14,292,104 2.21Texas Instruments 122,155 12,757,868 1.98

Software (7.10%) Autodesk 24,269 2,544,119 0.39Cerner 36,527 2,461,555 0.38Microsoft 377,386 32,281,598 5.00Salesforce.com 84,189 8,606,642 1.33

Telecommunications (4.03%) Cisco Systems 616,705 23,619,801 3.66Motorola Solutions 20,202 1,825,049 0.28Sprint 99,908 588,458 0.09

Textile (0.33%) Mohawk Industries 7,752 2,138,777 0.33

Toys, Games & Hobbies (0.30%) Hasbro 13,959 1,268,733 0.20Mattel 42,528 654,081 0.10

Transportation (3.99%) CH Robinson Worldwide 16,825 1,498,939 0.23CSX 113,068 6,219,871 0.96Expeditors International of Washington 22,546 1,458,501 0.23Kansas City Southern 13,236 1,392,692 0.22Norfolk Southern 35,307 5,115,984 0.79United Parcel Service - Class B 84,893 10,115,001 1.56 Total Common Stocks 645,633,525 99.92 TOTAL INVESTMENTS (Cost USD 542,566,931) 645,633,525 99.92





USD % of Net Assets

CHF 18,651,162 USD 19,049,000 03 January 2018 90,211 0.01CHF 77,777,958 USD 79,437,000 03 January 2018 376,195 0.06EUR 20,634,033 USD 24,658,000 03 January 2018 119,352 0.02EUR 1,260,234 USD 1,506,000 03 January 2018 7,289 0.00EUR 2,168,987 USD 2,568,100 03 January 2018 36,420 0.01USD 1,675,900 CHF 1,654,785 03 January 2018 (22,187) (0.00)



277

Schedule of Investments as at 31 December 2017 (Expressed in USD) Forward Foreign Exchange Contracts



USD % of Net Assets

USD 1,907,500 CHF 1,881,472 03 January 2018 (23,205) (0.00)USD 1,594,400 EUR 1,353,858 03 January 2018 (31,312) (0.01) Total Forward Foreign Exchange Contracts 552,763 0.09

UBS ETF – MSCI EMU Socially Responsible UCITS ETF Annual report as of 31 December 2017


278

Schedule of Investments as at 31 December 2017 (Expressed in EUR) Transferable securities listed on an Official Stock Exchange

QuantityMarket

Value EUR % of

Net Assets

Common Stocks

Advertising (0.21%) JCDecaux 27,142 912,107 0.21

Apparel (2.63%) adidas 69,852 11,675,762 2.63

Banks (9.29%) Banco Bilbao Vizcaya Argentaria 2,468,986 17,559,428 3.96Intesa Sanpaolo 4,975,887 13,783,207 3.11Intesa Sanpaolo - Rsp 343,381 913,394 0.20KBC Groep 93,535 6,651,274 1.50Natixis 349,294 2,303,943 0.52

Building Materials (3.45%) CRH 309,905 9,283,204 2.09HeidelbergCement 55,486 5,007,612 1.13Imerys 13,123 1,030,680 0.23

Chemicals (5.91%) Air Liquide 157,690 16,565,334 3.73Akzo Nobel 93,997 6,863,661 1.55Umicore 70,525 2,782,564 0.63

Commercial Services (1.95%) Groupe Eurotunnel - Registered 168,717 1,808,646 0.41RELX 357,440 6,850,338 1.54

Cosmetics & Personal Care (8.81%) L'Oreal 93,053 17,210,152 3.88Unilever - CVA 465,758 21,869,667 4.93

Diversified Financial Services (1.56%) Deutsche Boerse 71,245 6,896,516 1.56

Electric (1.25%) Red Electrica 160,904 3,010,514 0.68Terna Rete Elettrica Nazionale 524,156 2,539,012 0.57

Electrical Components & Equipment (5.40%) Legrand 98,316 6,310,904 1.42OSRAM Licht 37,006 2,772,859 0.62Schneider Electric 210,109 14,888,324 3.36

Electronics (2.48%) Koninklijke Philips 348,870 11,003,360 2.48

Engineering & Construction (2.05%) Aeroports de Paris 11,018 1,746,353 0.39Eiffage 27,427 2,505,182 0.57Ferrovial 181,264 3,430,421 0.77Fraport Frankfurt Airport Services Worldwide 15,318 1,407,112 0.32

Food (4.35%) Casino Guichard Perrachon 20,403 1,031,576 0.23Danone 223,581 15,639,491 3.53Jeronimo Martins 93,278 1,510,637 0.34METRO 67,973 1,131,750 0.25

Forest Products & Paper (1.16%) UPM-Kymmene 199,144 5,159,821 1.16

Gas (1.22%) Enagas 83,201 1,986,008 0.45Snam 837,118 3,415,441 0.77



279


QuantityMarket

Value EUR % of

Net Assets

Healthcare Products (1.99%) Essilor International 76,578 8,802,641 1.99

Household Products (1.08%) Henkel & Co 38,468 3,846,800 0.87Societe BIC 10,318 945,748 0.21

Insurance (13.15%) Allianz - Registered 114,422 21,911,813 4.94Assicurazioni Generali 461,118 7,008,993 1.58AXA 718,535 17,772,963 4.00CNP Assurances 63,897 1,230,337 0.28Münchener Rückversicherungs-Gesellschaft - Registered 57,641 10,418,611 2.35

Lodging (0.67%) Accor 69,551 2,990,693 0.67

Machinery - Diversified (0.95%) CNH Industrial 378,521 4,228,080 0.95

Media (1.94%) Vivendi 384,261 8,615,132 1.94

Miscellaneous Manufacturers (0.65%) Wartsila 54,573 2,870,540 0.65

Oil & Gas (8.39%) Galp Energia 185,199 2,838,175 0.64Neste 47,444 2,531,137 0.57OMV 54,545 2,881,612 0.65Repsol 455,211 6,712,086 1.51Total 483,326 22,254,746 5.02

Pharmaceuticals & Biotechnology (0.97%) Merck 47,740 4,284,665 0.97

Pipelines (0.22%) Koninklijke Vopak 26,398 965,375 0.22

Real Estate Investment Trusts (1.76%) Unibail-Rodamco FR 387 81,270 0.02Unibail-Rodamco NL 36,707 7,708,470 1.74

Retail (5.13%) Industria de Diseno Textil 405,052 11,764,735 2.65Kering 27,985 10,998,105 2.48

Semiconductors (4.72%) ASML Holding 144,148 20,923,082 4.72

Software (4.88%) SAP 231,697 21,652,085 4.88 Total Common Stocks 435,694,148 98.22

Preferred Stocks

Household Products (1.64%) Henkel & Co 65,853 7,266,879 1.64 Total Preferred Stocks 7,266,879 1.64



280


QuantityMarket

Value EUR % of

Net Assets

Rights

Oil & Gas (0.04%) Repsol - Rights 441,129 167,188 0.04 Total Rights 167,188 0.04 TOTAL INVESTMENTS (Cost EUR 410,363,272) 443,128,215 99.90





EUR % of Net Assets

CHF 13,245,249 EUR 11,320,000 03 January 2018 (1,014) (0.00)CHF 18,442,722 EUR 15,762,000 03 January 2018 (1,412) (0.00)USD 5,765,116 EUR 4,824,300 03 January 2018 (23,238) (0.01) Total Forward Foreign Exchange Contracts (25,664) (0.01)

UBS ETF – MSCI Pacific Socially Responsible UCITS ETF Annual report as of 31 December 2017


281


QuantityMarket

Value USD % of

Net Assets

Common Stocks

Airlines (0.31%) Singapore Airlines 30,900 246,710 0.31

Apparel (0.18%) Asics 9,300 148,272 0.18

Auto Manufacturers (4.22%) Honda Motor 99,200 3,400,891 4.22

Auto Parts & Equipment (2.81%) Denso 27,500 1,650,976 2.05NGK Insulators 15,000 283,356 0.35Stanley Electric 8,100 328,961 0.41

Banks (17.22%) BOC Hong Kong Holdings 214,500 1,086,590 1.35DBS Group Holdings 103,100 1,917,117 2.38Hang Seng Bank 44,500 1,104,345 1.37Macquarie Group 18,656 1,453,780 1.80National Australia Bank 154,688 3,577,652 4.43Sumitomo Mitsui Trust Holdings 19,100 758,405 0.94Westpac Banking 163,001 3,996,850 4.95

Beverages (0.44%) Suntory Beverage & Food 8,000 355,792 0.44

Building Materials (2.90%) Boral 68,297 416,130 0.52Daikin Industries 14,400 1,704,607 2.11Fletcher Building 40,189 217,227 0.27

Chemicals (5.06%) Asahi Kasei 72,700 938,033 1.16Hitachi Chemical 6,100 156,710 0.19Kaneka 16,000 146,152 0.18Kansai Paint 11,700 304,107 0.38Nitto Denko 9,500 844,163 1.05Sumitomo Chemical 91,000 654,328 0.81Teijin 10,800 240,639 0.30Toray Industries 84,600 797,936 0.99

Commercial Services (3.03%) Benesse Holdings 4,200 148,202 0.19Brambles 91,518 720,819 0.89Dai Nippon Printing 14,800 330,159 0.41Transurban Group 128,070 1,245,113 1.54

Computers (1.43%) Fujitsu 113,000 805,194 1.00Nomura Research Institute 7,543 350,868 0.43

Cosmetics & Personal Care (2.40%) Kao 28,600 1,934,340 2.40

Diversified Financial Services (0.78%) AEON Financial Service 6,600 153,736 0.19ASX 11,058 474,485 0.59

Electric (1.20%) AGL Energy 37,710 718,495 0.89Mercury 39,600 94,911 0.12Meridian Energy 73,110 152,088 0.19

Electronics (4.48%) Kyocera 18,500 1,210,834 1.50Murata Manufacturing 11,100 1,489,854 1.85



282


QuantityMarket

Value USD % of

Net Assets

Electronics (4.48%) (continued) Omron 11,100 662,157 0.82Yokogawa Electric 13,100 250,953 0.31

Engineering & Construction (1.81%) Auckland International Airport 54,389 250,656 0.31LendLease Group 31,811 406,804 0.50Obayashi 37,300 451,639 0.56Sydney Airport 64,334 354,748 0.44

Food (3.82%) Ajinomoto 31,300 589,323 0.73Toyo Suisan Kaisha 5,200 222,264 0.27Wesfarmers 65,428 2,273,172 2.82

Gas (1.15%) Osaka Gas 21,600 416,085 0.51Tokyo Gas 22,500 515,014 0.64

Healthcare Products (0.88%) Sysmex 9,000 708,655 0.88

Healthcare Services (0.97%) Healthscope 98,757 162,210 0.20Ramsay Health Care 8,117 445,172 0.55Ryman Healthcare 23,168 174,492 0.22

Holding Companies - Diversified Operations (0.91%) Keppel 84,700 465,838 0.58Swire Pacific - Class A 29,000 268,398 0.33

Home Builders (2.88%) Daiwa House Industry 32,600 1,252,199 1.55Sekisui Chemical 23,000 461,838 0.57Sekisui House 33,800 610,740 0.76

Home Furnishings (6.38%) Panasonic 127,000 1,859,623 2.30Sony 72,900 3,289,398 4.08

Insurance (2.78%) AMP 167,780 681,079 0.84Insurance Australia Group 137,485 778,546 0.97Sompo Holdings 20,300 786,411 0.97

Internet (0.35%) Seek 18,819 279,814 0.35

Iron & Steel (0.43%) Hitachi Metals 12,500 179,539 0.22Kobe Steel 18,000 166,977 0.21

Lodging (0.27%) City Developments 23,600 220,566 0.27

Machinery - Construction & Mining (2.39%) Komatsu 53,300 1,929,493 2.39

Machinery - Diversified (2.66%) Daifuku 5,700 310,679 0.38Kubota 60,700 1,190,560 1.48Yaskawa Electric 14,600 643,489 0.80

Mining (0.81%) Sumitomo Metal Mining 14,200 652,708 0.81

Miscellaneous Manufacturers (1.20%) FUJIFILM Holdings 23,700 968,828 1.20



283


QuantityMarket

Value USD % of

Net Assets

Oil & Gas (2.41%) Inpex 54,600 682,924 0.85Woodside Petroleum 48,675 1,259,394 1.56

Packaging & Containers (1.00%) Amcor 66,566 802,836 1.00

Pharmaceuticals & Biotechnology (3.85%) Alfresa Holdings 10,800 253,774 0.31Astellas Pharma 119,200 1,520,554 1.88Eisai 15,400 877,109 1.09Kyowa Hakko Kirin 14,800 286,278 0.36Suzuken 4,100 168,695 0.21

Pipelines (0.53%) APA Group 65,027 423,671 0.53

Real Estate (0.99%) CapitaLand 148,000 390,931 0.49Hysan Development 37,000 196,186 0.24Swire Properties 66,000 212,759 0.26

Real Estate Investment Trusts (3.65%) Ascendas Real Estate Investment Trust 141,900 288,812 0.36CapitaLand Mall Trust 142,600 227,281 0.28Dexus 58,744 447,979 0.56Goodman Group 103,530 681,818 0.84GPT Group 104,537 417,812 0.52Mirvac Group 210,151 386,269 0.48Stockland 140,035 490,687 0.61

Retail (0.97%) Aeon 35,100 592,790 0.73Lawson 2,900 192,818 0.24

Telecommunications (5.52%) KDDI 104,300 2,596,621 3.22NTT DOCOMO 78,700 1,859,039 2.30

Transportation (4.94%) Aurizon Holdings 118,891 461,234 0.57Hankyu Hanshin Holdings 13,900 558,961 0.69Keio 6,600 290,306 0.36Kintetsu Group Holdings 10,400 398,828 0.50Kyushu Railway 9,000 279,228 0.35MTR 85,473 500,769 0.62Nippon Express 4,600 305,850 0.38Tokyu 31,000 494,789 0.61West Japan Railway 9,500 693,800 0.86 Total Common Stocks 80,679,696 100.01 TOTAL INVESTMENTS (Cost USD 70,355,075) 80,679,696 100.01

Other net liabilities (5,538) (0.01)




USD % of Net Assets

JPY 7,035,312 AUD 80,000 04 January 2018 (119) (0.00)JPY 1,700,000 USD 15,062 04 January 2018 29 0.00 Total Forward Foreign Exchange Contracts (90) (0.00)

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF Annual report as of 31 December 2017


284


NominalMarket

Value USD % of

Net Assets

Government Bonds

Sovereign Bonds (99.22%) United States Treasury Bond 8.875% 15/02/2019 186,400 201,073 0.26United States Treasury Bond 8.125% 15/08/2019 191,200 210,184 0.27United States Treasury Bond 8.500% 15/02/2020 82,600 94,013 0.12United States Treasury Bond 8.750% 15/05/2020 73,800 85,605 0.11United States Treasury Bond 8.750% 15/08/2020 150,000 175,971 0.23United States Treasury Note 1.250% 15/12/2018 678,500 674,975 0.88United States Treasury Note 1.250% 31/12/2018 844,000 839,382 1.10United States Treasury Note 1.375% 31/12/2018 459,600 457,604 0.60United States Treasury Note 1.500% 31/12/2018 1,000,000 996,887 1.31United States Treasury Note 1.125% 15/01/2019 778,500 772,893 1.01United States Treasury Note 1.125% 31/01/2019 758,400 752,706 0.99United States Treasury Note 1.250% 31/01/2019 719,400 714,892 0.94United States Treasury Note 1.500% 31/01/2019 930,500 927,147 1.21United States Treasury Note 0.750% 15/02/2019 681,500 673,283 0.88United States Treasury Note 2.750% 15/02/2019 750,000 757,542 0.99United States Treasury Note 1.125% 28/02/2019 768,400 762,061 1.00United States Treasury Note 1.375% 28/02/2019 749,800 745,739 0.98United States Treasury Note 1.500% 28/02/2019 1,000,000 996,072 1.30United States Treasury Note 1.000% 15/03/2019 779,100 771,333 1.01United States Treasury Note 1.250% 31/03/2019 743,400 737,917 0.97United States Treasury Note 1.500% 31/03/2019 371,000 369,427 0.48United States Treasury Note 1.625% 31/03/2019 1,030,000 1,027,024 1.34United States Treasury Note 0.875% 15/04/2019 828,500 818,244 1.07United States Treasury Note 1.250% 30/04/2019 1,112,800 1,103,976 1.45United States Treasury Note 1.625% 30/04/2019 884,100 881,405 1.15United States Treasury Note 0.875% 15/05/2019 729,300 719,721 0.94United States Treasury Note 3.125% 15/05/2019 940,000 956,060 1.25United States Treasury Note 1.125% 31/05/2019 393,800 389,858 0.51United States Treasury Note 1.250% 31/05/2019 743,400 737,264 0.97United States Treasury Note 1.500% 31/05/2019 1,150,000 1,144,240 1.50United States Treasury Note 0.875% 15/06/2019 778,600 767,713 1.00United States Treasury Note 1.000% 30/06/2019 361,700 357,199 0.47United States Treasury Note 1.250% 30/06/2019 803,400 796,278 1.04United States Treasury Note 1.625% 30/06/2019 1,031,000 1,027,411 1.34United States Treasury Note 0.750% 15/07/2019 759,000 746,245 0.98United States Treasury Note 0.875% 31/07/2019 470,200 463,083 0.61United States Treasury Note 1.375% 31/07/2019 743,400 737,846 0.97United States Treasury Note 1.625% 31/07/2019 1,115,600 1,111,506 1.46United States Treasury Note 0.750% 15/08/2019 806,300 792,059 1.04United States Treasury Note 3.625% 15/08/2019 840,000 863,345 1.13United States Treasury Note 1.000% 31/08/2019 441,900 435,654 0.57United States Treasury Note 1.250% 31/08/2019 800,000 791,898 1.04United States Treasury Note 1.625% 31/08/2019 1,055,900 1,051,635 1.38United States Treasury Note 0.875% 15/09/2019 709,100 697,271 0.91United States Treasury Note 1.000% 30/09/2019 624,300 615,082 0.81United States Treasury Note 1.375% 30/09/2019 750,000 743,539 0.97United States Treasury Note 1.750% 30/09/2019 1,150,000 1,147,504 1.50United States Treasury Note 1.000% 15/10/2019 700,000 689,307 0.90United States Treasury Note 1.250% 31/10/2019 465,400 460,185 0.60United States Treasury Note 1.500% 31/10/2019 1,850,000 1,837,393 2.41United States Treasury Note 1.000% 15/11/2019 728,900 717,195 0.94United States Treasury Note 3.375% 15/11/2019 1,100,000 1,130,227 1.48United States Treasury Note 1.000% 30/11/2019 664,900 653,972 0.86United States Treasury Note 1.500% 30/11/2019 1,035,700 1,028,171 1.35United States Treasury Note 1.750% 30/11/2019 800,000 797,971 1.04United States Treasury Note 1.375% 15/12/2019 678,700 672,047 0.88United States Treasury Note 1.125% 31/12/2019 660,900 651,080 0.85United States Treasury Note 1.625% 31/12/2019 1,050,000 1,044,538 1.37United States Treasury Note 1.375% 15/01/2020 728,600 721,111 0.94United States Treasury Note 1.250% 31/01/2020 1,045,800 1,032,029 1.35United States Treasury Note 1.375% 31/01/2020 746,000 738,118 0.97United States Treasury Note 1.375% 15/02/2020 714,600 706,758 0.93United States Treasury Note 3.625% 15/02/2020 1,350,000 1,398,265 1.83United States Treasury Note 1.250% 29/02/2020 628,000 619,432 0.81United States Treasury Note 1.375% 29/02/2020 1,135,800 1,123,095 1.47



285


NominalMarket

Value USD % of

Net Assets

Sovereign Bonds (99.22%) (continued) United States Treasury Note 1.625% 15/03/2020 678,600 674,493 0.88United States Treasury Note 1.125% 31/03/2020 524,800 515,825 0.68United States Treasury Note 1.375% 31/03/2020 1,045,800 1,033,566 1.35United States Treasury Note 1.500% 15/04/2020 728,600 721,809 0.94United States Treasury Note 1.125% 30/04/2020 823,600 808,956 1.06United States Treasury Note 1.375% 30/04/2020 1,050,000 1,036,995 1.36United States Treasury Note 1.500% 15/05/2020 728,600 721,618 0.94United States Treasury Note 3.500% 15/05/2020 975,600 1,011,172 1.32United States Treasury Note 1.375% 31/05/2020 786,400 776,345 1.02United States Treasury Note 1.500% 31/05/2020 1,055,800 1,045,442 1.37United States Treasury Note 1.500% 15/06/2020 678,600 671,783 0.88United States Treasury Note 1.625% 30/06/2020 1,060,800 1,053,000 1.38United States Treasury Note 1.875% 30/06/2020 516,600 515,941 0.68United States Treasury Note 1.500% 15/07/2020 738,600 730,721 0.96United States Treasury Note 1.625% 31/07/2020 1,060,800 1,052,680 1.38United States Treasury Note 2.000% 31/07/2020 696,000 697,174 0.91United States Treasury Note 1.500% 15/08/2020 700,000 692,326 0.91United States Treasury Note 2.625% 15/08/2020 1,150,000 1,170,106 1.53United States Treasury Note 1.375% 31/08/2020 1,095,000 1,079,098 1.41United States Treasury Note 2.125% 31/08/2020 800,000 803,766 1.05United States Treasury Note 1.375% 15/09/2020 750,000 739,332 0.97United States Treasury Note 1.375% 30/09/2020 1,150,000 1,132,559 1.48United States Treasury Note 2.000% 30/09/2020 550,000 550,764 0.72United States Treasury Note 1.625% 15/10/2020 700,000 693,788 0.91United States Treasury Note 1.375% 31/10/2020 1,100,000 1,082,255 1.42United States Treasury Note 1.750% 31/10/2020 850,000 845,225 1.11United States Treasury Note 1.750% 15/11/2020 800,000 795,420 1.04United States Treasury Note 2.625% 15/11/2020 1,600,000 1,628,884 2.13United States Treasury Note 1.625% 30/11/2020 1,150,000 1,138,538 1.49United States Treasury Note 2.000% 30/11/2020 700,000 700,674 0.92 Total Government Bonds 75,780,915 99.22 TOTAL INVESTMENTS (Cost USD 76,396,874) 75,780,915 99.22





USD % of Net Assets

EUR 30,321,281 USD 36,234,416 03 January 2018 175,385 0.23EUR 4,002,578 USD 4,705,375 03 January 2018 100,922 0.13EUR 1,189,251 USD 1,403,101 03 January 2018 24,952 0.03 Total Forward Foreign Exchange Contracts 301,259 0.39



286


NominalMarket

Value USD % of

Net Assets

Government Bonds

Sovereign Bonds (99.61%) United States Treasury Bond 7.625% 15/02/2025 60,200 81,079 0.65United States Treasury Bond 6.875% 15/08/2025 64,500 84,895 0.68United States Treasury Bond 6.000% 15/02/2026 136,100 172,524 1.37United States Treasury Bond 6.750% 15/08/2026 63,200 84,779 0.67United States Treasury Bond 6.500% 15/11/2026 85,500 113,571 0.90United States Treasury Bond 6.625% 15/02/2027 58,400 78,726 0.63United States Treasury Bond 6.375% 15/08/2027 65,000 87,219 0.69United States Treasury Bond 6.125% 15/11/2027 150,000 198,813 1.58United States Treasury Note 2.000% 15/02/2025 1,079,000 1,054,789 8.39United States Treasury Note 2.125% 15/05/2025 1,090,000 1,073,400 8.54United States Treasury Note 2.000% 15/08/2025 1,080,000 1,052,899 8.38United States Treasury Note 2.250% 15/11/2025 1,080,000 1,070,550 8.52United States Treasury Note 1.625% 15/02/2026 1,030,000 972,666 7.74United States Treasury Note 1.625% 15/05/2026 1,036,000 975,968 7.76United States Treasury Note 1.500% 15/08/2026 1,035,000 962,944 7.66United States Treasury Note 2.000% 15/11/2026 1,031,900 998,726 7.94United States Treasury Note 2.250% 15/02/2027 1,025,000 1,011,780 8.05United States Treasury Note 2.375% 15/05/2027 1,048,000 1,045,129 8.31United States Treasury Note 2.250% 15/08/2027 1,047,000 1,032,422 8.21United States Treasury Note 2.250% 15/11/2027 375,000 369,778 2.94 Total Government Bonds 12,522,657 99.61 TOTAL INVESTMENTS (Cost USD 12,719,402) 12,522,657 99.61



UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF Annual report as of 31 December 2017


287


NominalMarket

Value USD % of

Net Assets

Government Bonds

Sovereign Bonds (98.76%) United States Treasury Bond 5.500% 15/08/2028 43,700 56,240 0.65United States Treasury Bond 5.250% 15/11/2028 57,700 73,192 0.84United States Treasury Bond 5.250% 15/02/2029 43,500 55,407 0.64United States Treasury Bond 6.125% 15/08/2029 33,900 46,520 0.53United States Treasury Bond 6.250% 15/05/2030 56,700 79,719 0.92United States Treasury Bond 5.375% 15/02/2031 91,100 121,065 1.39United States Treasury Bond 4.500% 15/02/2036 99,100 127,626 1.47United States Treasury Bond 4.750% 15/02/2037 34,500 45,967 0.53United States Treasury Bond 5.000% 15/05/2037 43,800 60,064 0.69United States Treasury Bond 4.375% 15/02/2038 46,800 59,831 0.69United States Treasury Bond 4.500% 15/05/2038 52,800 68,641 0.79United States Treasury Bond 3.500% 15/02/2039 85,000 97,082 1.12United States Treasury Bond 4.250% 15/05/2039 79,400 100,369 1.15United States Treasury Bond 4.500% 15/08/2039 84,600 110,530 1.27United States Treasury Bond 4.375% 15/11/2039 93,200 119,937 1.38United States Treasury Bond 4.625% 15/02/2040 152,000 202,131 2.32United States Treasury Bond 4.375% 15/05/2040 128,700 165,958 1.91United States Treasury Bond 3.875% 15/08/2040 115,000 138,599 1.59United States Treasury Bond 4.250% 15/11/2040 117,900 149,749 1.72United States Treasury Bond 4.750% 15/02/2041 129,100 175,283 2.01United States Treasury Bond 4.375% 15/05/2041 100,600 130,196 1.50United States Treasury Bond 3.750% 15/08/2041 111,600 132,310 1.52United States Treasury Bond 3.125% 15/11/2041 100,200 107,747 1.24United States Treasury Bond 3.125% 15/02/2042 125,100 134,513 1.55United States Treasury Bond 3.000% 15/05/2042 105,200 110,775 1.27United States Treasury Bond 2.750% 15/08/2042 161,900 163,066 1.87United States Treasury Bond 2.750% 15/11/2042 198,400 199,676 2.29United States Treasury Bond 3.125% 15/02/2043 201,300 216,310 2.49United States Treasury Bond 2.875% 15/05/2043 295,400 303,788 3.49United States Treasury Bond 3.625% 15/08/2043 237,100 276,766 3.18United States Treasury Bond 3.750% 15/11/2043 284,200 338,658 3.89United States Treasury Bond 3.625% 15/02/2044 286,100 334,434 3.84United States Treasury Bond 3.375% 15/05/2044 290,900 326,457 3.75United States Treasury Bond 3.125% 15/08/2044 287,200 308,675 3.55United States Treasury Bond 3.000% 15/11/2044 290,500 305,242 3.51United States Treasury Bond 2.500% 15/02/2045 293,400 279,787 3.22United States Treasury Bond 3.000% 15/05/2045 287,500 301,990 3.47United States Treasury Bond 2.875% 15/08/2045 287,300 294,735 3.39United States Treasury Bond 3.000% 15/11/2045 290,700 305,355 3.51United States Treasury Bond 2.500% 15/02/2046 271,900 258,812 2.97United States Treasury Bond 2.500% 15/05/2046 267,100 254,153 2.92United States Treasury Bond 2.250% 15/08/2046 269,600 243,196 2.80United States Treasury Bond 2.875% 15/11/2046 266,500 273,437 3.14United States Treasury Bond 3.000% 15/02/2047 266,500 280,275 3.22United States Treasury Bond 3.000% 15/05/2047 272,900 286,970 3.30United States Treasury Bond 2.750% 15/08/2047 269,000 269,376 3.10United States Treasury Bond 2.750% 15/11/2047 102,000 102,173 1.17 Total Government Bonds 8,592,782 98.76 TOTAL INVESTMENTS (Cost USD 8,416,836) 8,592,782 98.76





USD % of Net Assets

EUR 7,155,109 USD 8,550,470 03 January 2018 41,387 0.48 Total Forward Foreign Exchange Contracts 41,387 0.48

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF Annual report as of 31 December 2017


288


NominalMarket

Value USD % of

Net Assets

Government Bonds

Sovereign Bonds (99.58%) United States Treasury Inflation Indexed Bond 2.125% 15/01/2019 15,321,730 15,643,312 1.58United States Treasury Inflation Indexed Bond 0.125% 15/04/2019 56,850,853 56,736,709 5.74United States Treasury Inflation Indexed Bond 1.875% 15/07/2019 18,331,204 18,906,322 1.91United States Treasury Inflation Indexed Bond 1.375% 15/01/2020 21,277,674 21,838,254 2.21United States Treasury Inflation Indexed Bond 0.125% 15/04/2020 58,948,000 58,841,952 5.95United States Treasury Inflation Indexed Bond 1.250% 15/07/2020 34,024,208 35,143,917 3.55United States Treasury Inflation Indexed Bond 1.125% 15/01/2021 39,003,692 40,181,203 4.06United States Treasury Inflation Indexed Bond 0.125% 15/04/2021 49,582,743 49,392,752 4.99United States Treasury Inflation Indexed Bond 0.625% 15/07/2021 42,134,427 42,956,172 4.34United States Treasury Inflation Indexed Bond 0.125% 15/01/2022 45,743,636 45,578,374 4.61United States Treasury Inflation Indexed Bond 0.125% 15/04/2022 33,562,728 33,335,739 3.37United States Treasury Inflation Indexed Bond 0.125% 15/07/2022 47,173,742 47,139,817 4.76United States Treasury Inflation Indexed Bond 0.125% 15/01/2023 47,920,938 47,574,671 4.81United States Treasury Inflation Indexed Bond 0.375% 15/07/2023 47,291,449 47,672,879 4.82United States Treasury Inflation Indexed Bond 0.625% 15/01/2024 46,897,520 47,741,724 4.83United States Treasury Inflation Indexed Bond 0.125% 15/07/2024 46,189,216 45,664,198 4.62United States Treasury Inflation Indexed Bond 0.250% 15/01/2025 46,095,254 45,707,429 4.62United States Treasury Inflation Indexed Bond 2.375% 15/01/2025 31,663,520 36,094,956 3.65United States Treasury Inflation Indexed Bond 0.375% 15/07/2025 46,249,941 46,341,896 4.68United States Treasury Inflation Indexed Bond 0.625% 15/01/2026 41,154,087 41,832,323 4.23United States Treasury Inflation Indexed Bond 2.000% 15/01/2026 22,099,097 24,865,821 2.51United States Treasury Inflation Indexed Bond 0.125% 15/07/2026 38,747,608 37,878,308 3.83United States Treasury Inflation Indexed Bond 0.375% 15/01/2027 38,560,870 38,305,964 3.87United States Treasury Inflation Indexed Bond 2.375% 15/01/2027 18,574,052 21,743,028 2.20United States Treasury Inflation Indexed Bond 0.375% 15/07/2027 38,182,309 37,998,171 3.84 Total Government Bonds 985,115,891 99.58 TOTAL INVESTMENTS (Cost USD 989,146,488) 985,115,891 99.58





USD % of Net Assets

CHF 45,079,273 USD 46,040,835 03 January 2018 218,038 0.02CHF 2,966,501 USD 3,019,072 03 January 2018 25,054 0.00EUR 241,034,672 USD 288,040,289 03 January 2018 1,394,196 0.14EUR 5,279,916 USD 6,241,104 03 January 2018 99,021 0.01EUR 1,702,475 USD 2,015,746 03 January 2018 28,587 0.00GBP 123,079,590 USD 166,831,062 03 January 2018 (335,170) (0.03)GBP 2,122,275 USD 2,844,473 03 January 2018 26,435 0.00USD 3,258,447 EUR 2,765,004 03 January 2018 (61,771) (0.00) Total Forward Foreign Exchange Contracts 1,394,390 0.14

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF Annual report as of 31 December 2017


289


NominalMarket

Value USD % of

Net Assets

Government Bonds

Sovereign Bonds (99.31%) United States Treasury Inflation Indexed Bond 1.750% 15/01/2028 333,801 375,373 7.84United States Treasury Inflation Indexed Bond 3.625% 15/04/2028 280,617 368,709 7.71United States Treasury Inflation Indexed Bond 2.500% 15/01/2029 321,577 390,417 8.16United States Treasury Inflation Indexed Bond 3.875% 15/04/2029 342,257 467,059 9.76United States Treasury Inflation Indexed Bond 3.375% 15/04/2032 128,684 178,263 3.73United States Treasury Inflation Indexed Bond 2.125% 15/02/2040 176,892 230,389 4.81United States Treasury Inflation Indexed Bond 2.125% 15/02/2041 225,727 296,213 6.19United States Treasury Inflation Indexed Bond 0.750% 15/02/2042 396,374 400,587 8.37United States Treasury Inflation Indexed Bond 0.625% 15/02/2043 291,609 285,745 5.97United States Treasury Inflation Indexed Bond 1.375% 15/02/2044 443,995 513,196 10.73United States Treasury Inflation Indexed Bond 0.750% 15/02/2045 490,125 493,135 10.31United States Treasury Inflation Indexed Bond 1.000% 15/02/2046 359,888 384,930 8.04United States Treasury Inflation Indexed Bond 0.875% 15/02/2047 353,560 367,818 7.69 Total Government Bonds 4,751,834 99.31 TOTAL INVESTMENTS (Cost USD 4,656,310) 4,751,834 99.31



UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF Annual report as of 31 December 2017


290


NominalMarket

Value EUR % of

Net Assets

Government Bonds

Sovereign Bonds (97.52%) Deutsche Bundesrepublik Inflation Linked Bond 1.750% 15/04/2020 488,714 525,035 5.52Deutsche Bundesrepublik Inflation Linked Bond 0.100% 15/04/2023 466,133 502,710 5.29Deutsche Bundesrepublik Inflation Linked Bond 0.100% 15/04/2026 340,265 375,653 3.95France Government Bond OAT 1.300% 25/07/2019 349,831 367,298 3.86France Government Bond OAT 2.250% 25/07/2020 694,593 768,199 8.08France Government Bond OAT 0.100% 01/03/2021 180,514 190,455 2.00France Government Bond OAT 0.100% 25/07/2021 221,174 234,139 2.46France Government Bond OAT 1.100% 25/07/2022 542,743 610,173 6.42France Government Bond OAT 2.100% 25/07/2023 480,406 574,287 6.04France Government Bond OAT 0.250% 25/07/2024 207,129 228,237 2.40France Government Bond OAT 0.100% 01/03/2025 239,355 258,820 2.72France Government Bond OAT 1.850% 25/07/2027 515,796 655,334 6.89French Government Bond OAT 0.250% 25/07/2024 209,167 230,483 2.43Italy Buoni Poliennali Del Tesoro 2.350% 15/09/2019 528,119 561,930 5.91Italy Buoni Poliennali Del Tesoro 2.100% 15/09/2021 529,022 586,595 6.17Italy Buoni Poliennali Del Tesoro 0.100% 15/05/2022 218,887 224,062 2.36Italy Buoni Poliennali Del Tesoro 2.600% 15/09/2023 562,130 649,996 6.84Italy Buoni Poliennali Del Tesoro 2.350% 15/09/2024 374,949 429,133 4.51Italy Buoni Poliennali Del Tesoro 3.100% 15/09/2026 375,131 455,818 4.80Spain Government Inflation Linked Bond 0.550% 30/11/2019 266,405 277,102 2.92Spain Government Inflation Linked Bond 0.300% 30/11/2021 128,466 135,927 1.43Spain Government Inflation Linked Bond 1.800% 30/11/2024 371,538 429,569 4.52Spain Government Inflation Linked Bond 0.650% 30/11/2027 179,823 187,789 1.97 Total Government Bonds 9,270,955 97.52 TOTAL INVESTMENTS (Cost EUR 9,494,623) 9,458,744 99.49



UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF Annual report as of 31 December 2017


291


NominalMarket

Value EUR % of

Net Assets

Government Bonds

Sovereign Bonds (99.42%) BTP 1.250% 15/09/2032 9,165 9,323 0.15Deutsche Bundesrepublik Inflation Linked Bond 0.500% 15/04/2030 377,198 438,394 7.25Deutsche Bundesrepublik Inflation Linked Bond 0.100% 15/04/2046 261,091 307,749 5.09France Government Bond OAT 3.400% 25/07/2029 429,436 641,750 10.61France Government Bond OAT 0.700% 25/07/2030 400,892 468,085 7.74France Government Bond OAT 3.150% 25/07/2032 517,689 807,527 13.36France Government Bond OAT 1.800% 25/07/2040 519,669 771,183 12.76French Republic Government Bond OAT 0.100% 01/03/2028 172,944 186,560 3.09French Republic Government Bond OAT 0.100% 25/07/2047 268,789 284,866 4.71Italy Buoni Poliennali Del Tesoro 1.300% 15/05/2028 269,765 281,289 4.65Italy Buoni Poliennali Del Tesoro 1.250% 15/09/2032 342,145 348,068 5.76Italy Buoni Poliennali Del Tesoro 2.350% 15/09/2035 620,283 737,888 12.21Italy Buoni Poliennali Del Tesoro 2.550% 15/09/2041 373,251 445,229 7.36Spain Government Inflation Linked Bond 0.650% 30/11/2027 * 0 0 0.00Spain Government Inflation Linked Bond 1.000% 30/11/2030 266,692 282,939 4.68 Total Government Bonds 6,010,850 99.42 TOTAL INVESTMENTS (Cost EUR 6,023,454) 6,010,850 99.42



*Investment which has less than 0.5 shares and/or less than 0.5 EUR has been rounded down to zero.

UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF Annual report as of 31 December 2017


292


NominalMarket

Value EUR % of

Net Assets

Government Bonds

Sovereign Bonds (98.88%) Bundesobligation 1.000% 22/02/2019 595,400 607,047 6.43Bundesobligation 0.500% 12/04/2019 594,600 603,603 6.40Bundesobligation 0.250% 11/10/2019 595,400 604,960 6.41Bundesobligation 17/04/2020 (zero coupon) 741,300 751,413 7.96Bundesobligation 0.250% 16/10/2020 705,500 721,301 7.64Bundesrepublik Deutschland 3.750% 04/01/2019 882,100 921,562 9.76Bundesrepublik Deutschland 3.500% 04/07/2019 892,100 949,194 10.06Bundesrepublik Deutschland 3.250% 04/01/2020 817,600 881,546 9.34Bundesrepublik Deutschland 3.000% 04/07/2020 815,500 888,956 9.42Bundesrepublik Deutschland 2.250% 04/09/2020 594,600 639,522 6.78Bundesschatzanweisungen 15/03/2019 (zero coupon) 483,300 487,383 5.16Bundesschatzanweisungen 14/06/2019 (zero coupon) 482,600 487,521 5.17Bundesschatzanweisungen 13/09/2019 (zero coupon) 481,700 487,112 5.16Bundesschatzanweisungen 13/12/2019 (zero coupon) 297,900 301,527 3.19 Total Government Bonds 9,332,647 98.88 TOTAL INVESTMENTS (Cost EUR 9,338,248) 9,332,647 98.88



UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF Annual report as of 31 December 2017


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NominalMarket

Value EUR % of

Net Assets

Corporate Bonds

Auto Manufacturers (10.29%) BMW Finance 0.875% 17/11/2020 1,903,000 1,949,300 2.42Daimler 1.400% 12/01/2024 77,000 80,746 0.10Daimler 1.400% 12/01/2024 1,418,000 1,486,985 1.84RCI Banque 0.375% 10/07/2019 1,200,000 1,206,452 1.50Toyota Motor Credit 0.750% 21/07/2022 1,530,000 1,560,623 1.94Volkswagen Leasing 0.250% 05/10/2020 2,000,000 2,004,160 2.49

Banks (39.91%) ABN AMRO Bank 1.000% 16/04/2025 1,913,000 1,948,139 2.42Bank of America 0.750% 26/07/2023 2,011,000 2,018,850 2.51BNP Paribas 1.125% 15/01/2023 1,620,000 1,674,625 2.08Commerzbank 0.500% 13/09/2023 1,369,000 1,354,705 1.68Cooperatieve Rabobank 1.375% 03/02/2027 1,944,000 2,010,167 2.50Credit Agricole 2.625% 17/03/2027 2,391,000 2,586,250 3.21Credit Suisse 1.375% 29/11/2019 2,923,000 3,003,890 3.73Goldman Sachs Group 1.375% 15/05/2024 2,600,000 2,655,539 3.30HSBC Holdings 1.500% 15/03/2022 2,533,000 2,654,086 3.30JPMorgan Chase & Co 1.500% 29/10/2026 1,895,000 1,959,915 2.43Morgan Stanley 2.375% 31/03/2021 1,873,000 2,001,470 2.49National Australia Bank 1.250% 18/05/2026 1,285,000 1,320,943 1.64Norddeutsche Landesbank Girozentrale 1.000% 20/01/2021 1,035,000 1,044,792 1.30Royal Bank of Scotland Group 2.000% 08/03/2023 1,850,000 1,943,813 2.41Sumitomo Mitsui Financial Group 1.546% 15/06/2026 1,898,000 1,954,348 2.43Wells Fargo & Co 2.000% 27/04/2026 1,869,000 1,999,626 2.48

Beverages (2.51%) Anheuser-Busch InBev 1.500% 18/04/2030 2,033,000 2,024,248 2.51

Chemicals (3.53%) BASF 0.875% 15/11/2027 1,650,000 1,627,416 2.02Linde Finance 1.000% 20/04/2028 1,209,000 1,215,581 1.51

Computers (2.87%) Apple 1.625% 10/11/2026 2,177,000 2,310,672 2.87

Electric (4.64%) Enel Finance International 1.966% 27/01/2025 2,180,000 2,340,184 2.90innogy Finance 1.250% 19/10/2027 1,400,000 1,400,007 1.74

Food (1.52%) Nestle Finance International 1.750% 02/11/2037 1,200,000 1,225,459 1.52

Gas (2.60%) Snam 0.875% 25/10/2026 2,150,000 2,090,761 2.60

Holding Companies - Diversified Operations (3.06%) Hutchison Whampoa Finance 14 1.375% 31/10/2021 2,377,000 2,460,884 3.06

Media (3.07%) Sky 1.500% 15/09/2021 2,366,000 2,470,324 3.07

Oil & Gas (5.09%) BP Capital Markets 1.373% 03/03/2022 2,000,000 2,093,111 2.60Shell International Finance 0.375% 15/02/2025 2,040,000 2,002,476 2.49

Pharmaceuticals & Biotechnology (5.59%) GlaxoSmithKline Capital 0.625% 02/12/2019 2,417,000 2,448,779 3.04Novartis Finance 0.125% 20/09/2023 2,085,000 2,052,380 2.55

Telecommunications (14.62%) British Telecommunications 0.625% 10/03/2021 2,434,000 2,459,698 3.06Deutsche Telekom International Finance 0.625% 03/04/2023 2,829,000 2,850,008 3.54Telekom Finanzmanagement 3.125% 03/12/2021 1,066,000 1,184,509 1.47

UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF Annual report as of 31 December 2017


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NominalMarket

Value EUR % of

Net Assets

Telecommunications (14.62%) (continued) Verizon Communications 2.875% 15/01/2038 2,400,000 2,427,347 3.01Vodafone Group 2.200% 25/08/2026 2,663,000 2,850,079 3.54 Total Corporate Bonds 79,953,347 99.30 TOTAL INVESTMENTS (Cost EUR 78,873,864) 79,953,347 99.30



UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF Annual report as of 31 December 2017


295


NominalMarket

Value EUR % of

Net Assets

Government Bonds

Sovereign Bonds (98.80%) Austria Government Bond 0.250% 18/10/2019 699,000 708,835 1.15Austria Government Bond 3.400% 22/11/2022 604,000 708,413 1.15Austria Government Bond 1.650% 21/10/2024 251,000 276,396 0.45Austria Government Bond 6.250% 15/07/2027 488,100 752,406 1.22Belgium Government Bond - BE 3.000% 28/09/2019 382,000 405,615 0.66Belgium Government Bond - DE 3.000% 28/09/2019 220,900 234,556 0.38Belgium Government Bond 4.000% 28/03/2022 631,100 745,910 1.21Belgium Government Bond 1.000% 22/06/2026 814,700 851,484 1.38Bundesobligation 09/04/2021 (zero coupon) 1,653,700 1,678,886 2.72Bundesrepublik Deutschland 3.750% 04/01/2019 974,300 1,018,221 1.65Bundesrepublik Deutschland 3.250% 04/01/2020 2,227,400 2,402,540 3.89Bundesrepublik Deutschland 1.500% 04/09/2022 1,209,300 1,308,801 2.12Bundesrepublik Deutschland 2.000% 15/08/2023 754,700 843,838 1.37Bundesrepublik Deutschland 1.750% 15/02/2024 680,000 753,984 1.22Bundesrepublik Deutschland 0.500% 15/02/2025 1,103,800 1,135,380 1.84Bundesrepublik Deutschland 0.250% 15/02/2027 1,496,500 1,482,687 2.40Finland Government Bond 3.500% 15/04/2021 317,000 357,177 0.58Finland Government Bond 1.625% 15/09/2022 396,000 429,268 0.69Finland Government Bond 0.875% 15/09/2025 262,000 273,300 0.44France Government Bond OAT 25/02/2019 (zero coupon) 1,313,000 1,322,808 2.14France Government Bond OAT 0.500% 25/11/2019 2,452,600 2,501,162 4.05France Government Bond OAT - FR 25/05/2021 (zero coupon) 903,000 912,400 1.48France Government Bond OAT -DE 25/05/2021 (zero coupon) 321,200 324,544 0.52France Government Bond OAT 3.000% 25/04/2022 2,200,000 2,505,140 4.05France Government Bond OAT 8.500% 25/04/2023 1,201,100 1,747,649 2.83France Government Bond OAT 1.750% 25/11/2024 945,400 1,045,622 1.69France Government Bond OAT 6.000% 25/10/2025 600,000 866,526 1.40France Government Bond OAT 0.500% 25/05/2026 2,143,200 2,153,059 3.48French Republic Government Bond OAT 1.000% 25/05/2027 970,000 1,002,068 1.62Ireland Government Bond 4.500% 18/04/2020 420,000 468,762 0.76Ireland Government Bond 0.800% 15/03/2022 203,200 211,104 0.34Ireland Government Bond 3.400% 18/03/2024 195,800 233,952 0.38Ireland Government Bond 1.000% 15/05/2026 362,100 371,906 0.60Italy Buoni Poliennali Del Tesoro 2.500% 01/05/2019 1,682,000 1,743,814 2.82Italy Buoni Poliennali Del Tesoro 4.250% 01/03/2020 1,757,000 1,920,278 3.11Italy Buoni Poliennali Del Tesoro 3.750% 01/05/2021 1,697,000 1,889,796 3.06Italy Buoni Poliennali Del Tesoro 0.350% 01/11/2021 1,458,000 1,454,370 2.35Italy Buoni Poliennali Del Tesoro 5.500% 01/11/2022 1,247,000 1,526,228 2.47Italy Buoni Poliennali Del Tesoro 4.750% 01/08/2023 1,030,000 1,240,573 2.01Italy Buoni Poliennali Del Tesoro 4.500% 01/03/2024 818,000 975,792 1.58Italy Buoni Poliennali Del Tesoro 2.500% 01/12/2024 967,000 1,036,218 1.68Italy Buoni Poliennali Del Tesoro 4.500% 01/03/2026 1,020,000 1,238,086 2.00Italy Buoni Poliennali Del Tesoro 1.250% 01/12/2026 1,017,000 969,516 1.57Italy Buoni Poliennali Del Tesoro 6.500% 01/11/2027 350,000 491,113 0.79Kingdom of Belgium Government Bond 2.250% 22/06/2023 630,500 709,640 1.15Lithuania Government International Bond 1.250% 22/10/2025 42,000 44,310 0.07Luxembourg Government Bond 2.125% 10/07/2023 108,000 120,837 0.20Netherlands Government Bond 3.500% 15/07/2020 704,200 776,902 1.26Netherlands Government Bond 3.250% 15/07/2021 740,000 836,370 1.35Netherlands Government Bond - DE 1.750% 15/07/2023 586,100 644,435 1.04Netherlands Government Bond - NL 1.750% 15/07/2023 208,000 228,702 0.37Netherlands Government Bond 0.500% 15/07/2026 640,000 647,021 1.05Portugal Obrigacoes do Tesouro 3.850% 15/04/2021 450,000 506,286 0.82Portugal Obrigacoes do Tesouro OT 5.650% 15/02/2024 400,000 509,100 0.82Portugal Obrigacoes do Tesouro OT 2.875% 21/07/2026 430,000 469,152 0.76Slovakia Government Bond 3.375% 15/11/2024 284,200 342,202 0.55Slovenia Government Bond 5.125% 30/03/2026 158,000 216,597 0.35Spain Government Bond 4.600% 30/07/2019 1,921,000 2,071,453 3.35Spain Government Bond 4.850% 31/10/2020 1,063,000 1,211,671 1.96Spain Government Bond 0.400% 30/04/2022 874,000 880,275 1.42Spain Government Bond 4.800% 31/01/2024 710,000 884,809 1.43Spain Government Bond 4.800% 31/01/2024 351,000 437,420 0.71

UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF Annual report as of 31 December 2017


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NominalMarket

Value EUR % of

Net Assets

Sovereign Bonds (98.80%) (continued) Spain Government Bond 1.600% 30/04/2025 1,886,000 1,972,737 3.19Spain Government Bond 1.500% 30/04/2027 1,016,000 1,020,938 1.65 Total Government Bonds 61,051,040 98.80 TOTAL INVESTMENTS (Cost EUR 60,802,564) 61,051,040 98.80



UBS ETF – SBI® Foreign AAA-BBB 1-5 UCITS ETF Annual report as of 31 December 2017


297

Schedule of Investments as at 31 December 2017 (Expressed in CHF) Transferable securities listed on an Official Stock Exchange

NominalMarket

Value CHF % of

Net Assets

Corporate Bonds

Agriculture (2.28%) BAT International Finance 0.625% 08/09/2021 1,600,000 1,628,000 0.63Philip Morris International 0.875% 11/03/2019 600,000 609,420 0.24Philip Morris International 0.750% 16/12/2019 1,100,000 1,124,200 0.43Philip Morris International 1.000% 18/09/2020 1,300,000 1,341,600 0.52Philip Morris International 2.000% 06/12/2021 1,100,000 1,188,000 0.46

Auto Manufacturers (0.31%) RCI Banque 0.500% 20/04/2022 800,000 810,400 0.31

Banks (44.95%) ABN AMRO Bank 1.125% 31/01/2019 500,000 508,750 0.20ABN AMRO Bank 1.500% 27/12/2019 300,000 311,400 0.12ABN AMRO Bank 1.125% 24/04/2020 300,000 309,300 0.12ABN AMRO Bank 2.625% 27/04/2021 450,000 497,925 0.19ABN AMRO Bank 3.125% 27/04/2021 400,000 441,400 0.17ABN AMRO Bank 3.125% 28/06/2021 300,000 332,700 0.13ABN AMRO Bank 0.500% 29/07/2022 400,000 408,000 0.16ANZ New Zealand International 0.875% 14/02/2019 400,000 406,040 0.16ANZ New Zealand International 1.000% 10/03/2020 1,300,000 1,336,400 0.52ASB Finance 0.875% 11/06/2019 920,000 937,020 0.36ASB Finance 1.125% 05/02/2020 655,000 674,323 0.26Australia & New Zealand Banking Group 1.500% 13/02/2019 1,300,000 1,331,330 0.52Banco de Chile 1.250% 21/03/2019 200,000 203,740 0.08Banco de Chile 1.500% 03/12/2019 600,000 621,000 0.24Banco de Credito e Inversiones 1.125% 26/06/2019 600,000 610,800 0.24Banco de Credito e Inversiones 0.250% 17/06/2020 450,000 451,800 0.18Banco Santander Chile 1.750% 26/09/2019 240,000 247,560 0.10Banco Santander Chile 0.375% 19/05/2022 500,000 501,500 0.19Bank Nederlandse Gemeenten 2.500% 14/10/2019 1,200,000 1,269,000 0.49Bank Nederlandse Gemeenten 2.375% 19/11/2019 1,285,000 1,358,245 0.53Bank Nederlandse Gemeenten 2.250% 14/10/2020 4,000,000 4,308,000 1.67Bank Nederlandse Gemeenten 1.750% 27/10/2020 200,000 212,800 0.08Bank Nederlandse Gemeenten 2.250% 23/02/2021 2,000,000 2,170,000 0.84Bank Nederlandse Gemeenten 1.125% 13/09/2022 300,000 319,950 0.12Bank of Nova Scotia 0.300% 16/09/2022 1,275,000 1,296,037 0.50Banque Federative du Credit Mutuel 1.125% 12/02/2019 200,000 203,540 0.08Banque Federative du Credit Mutuel 1.125% 22/05/2020 635,000 655,638 0.25Banque Internationale a Luxembourg 0.550% 11/10/2022 350,000 354,375 0.14BAWAG PSK Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse 0.010% 15/09/2021 500,000 499,250 0.19Bendigo & Adelaide Bank 1.125% 25/03/2019 455,000 462,235 0.18BNP Paribas 1.875% 12/09/2022 550,000 596,475 0.23BNZ International Funding 1.125% 20/09/2019 1,000,000 1,025,500 0.40BNZ International Funding 1.375% 03/02/2021 1,200,000 1,255,800 0.49BNZ International Funding 0.250% 24/06/2022 800,000 810,000 0.31BPCE 1.500% 30/04/2021 940,000 989,820 0.38Canadian Imperial Bank of Commerce 1.000% 13/02/2019 530,000 540,070 0.21China Construction Bank Asia 1.375% 28/05/2019 1,100,000 1,121,340 0.43Citigroup 3.000% 21/03/2019 500,000 520,300 0.20Citigroup 3.125% 27/09/2021 1,290,000 1,440,285 0.56Commonwealth Bank of Australia 1.500% 13/09/2019 1,225,000 1,266,650 0.49Commonwealth Bank of Australia 0.875% 11/02/2020 1,000,000 1,026,000 0.40Commonwealth Bank of Australia 1.500% 07/02/2022 1,230,000 1,308,105 0.51Commonwealth Bank of Australia 1.625% 02/05/2022 500,000 538,250 0.21Compagnie de Financement Foncier 2.250% 09/08/2019 700,000 732,200 0.28Compagnie de Financement Foncier 2.875% 10/09/2019 900,000 954,000 0.37Compagnie de Financement Foncier 2.250% 13/10/2021 1,200,000 1,314,600 0.51Compagnie de Financement Foncier 3.000% 07/06/2022 1,225,000 1,397,112 0.54Cooperatieve Rabobank 2.000% 06/02/2019 1,100,000 1,129,700 0.44Cooperatieve Rabobank 3.625% 02/07/2019 1,500,000 1,590,750 0.62Cooperatieve Rabobank 1.000% 26/06/2020 1,050,000 1,082,025 0.42Cooperatieve Rabobank 1.250% 15/10/2020 800,000 832,400 0.32Cooperatieve Rabobank 1.125% 08/04/2021 1,200,000 1,250,400 0.48Cooperatieve Rabobank 2.000% 16/09/2021 1,500,000 1,618,500 0.63Cooperativa del Personal de la Universidad de Chile 1.050% 15/10/2021 500,000 505,500 0.20



298


NominalMarket

Value CHF % of

Net Assets

Banks (44.95%) (continued) Credit Agricole 0.375% 27/01/2020 500,000 507,000 0.20Credit Agricole 1.250% 17/07/2020 800,000 830,800 0.32Credit Agricole 1.000% 08/10/2021 850,000 883,150 0.34Credit Agricole 0.450% 14/03/2022 1,000,000 1,009,500 0.39Credit Agricole 0.550% 01/09/2022 500,000 511,500 0.20Credit Suisse 1.000% 24/09/2021 1,550,000 1,605,800 0.62Credit Suisse Group Funding Guernsey 0.625% 21/08/2020 2,150,000 2,181,175 0.85Deutsche Bank 0.750% 05/07/2021 650,000 661,375 0.26Deutsche Bank 0.750% 21/03/2022 1,200,000 1,219,800 0.47Deutsche Pfandbriefbank 0.300% 02/11/2021 400,000 399,800 0.15DNB Boligkreditt 2.250% 25/01/2021 600,000 648,900 0.25Eksportfinans 2.500% 29/04/2019 745,000 769,436 0.30Eksportfinans 2.250% 11/02/2021 750,000 800,250 0.31First Gulf Bank 0.625% 27/05/2022 350,000 355,600 0.14Goldman Sachs Group 1.500% 29/11/2018 550,000 560,285 0.22Goldman Sachs Group 1.250% 11/09/2019 750,000 768,375 0.30Goldman Sachs Group 1.625% 06/02/2020 1,000,000 1,037,500 0.40Goldman Sachs Group 0.550% 09/09/2021 1,400,000 1,427,300 0.55HSBC France 2.000% 23/04/2019 900,000 928,530 0.36HSH Nordbank 3.000% 14/06/2019 500,000 523,000 0.20HYPO NOE Gruppe Bank 30/12/2020 (zero coupon) 500,000 500,000 0.19HYPO NOE Gruppe Bank 0.200% 31/03/2022 500,000 501,750 0.19ICICI Bank 2.750% 07/01/2020 200,000 208,400 0.08Industrial & Commercial Bank of China 1.000% 17/12/2019 750,000 764,625 0.30ING Bank 2.625% 23/03/2021 250,000 272,500 0.11ING Bank 3.000% 17/12/2021 100,000 111,300 0.04JPMorgan Chase & Co 1.125% 06/11/2020 1,000,000 1,038,500 0.40KFW 2.000% 01/10/2019 750,000 786,375 0.30KFW 2.250% 12/08/2020 800,000 860,000 0.33Kiwibank 0.875% 04/04/2019 250,000 254,125 0.10Kiwibank 1.000% 23/12/2020 850,000 882,725 0.34Kommunalkredit Austria 2.375% 26/08/2020 300,000 317,550 0.12Kommunalkredit Austria 2.500% 14/02/2022 150,000 164,400 0.06Lansforsakringar Hypotek 1.000% 29/05/2019 500,000 510,500 0.20Macquarie Bank 2.125% 29/11/2018 1,205,000 1,235,486 0.48Macquarie Bank 3.000% 29/11/2022 1,000,000 1,142,500 0.44National Australia Bank 1.000% 17/04/2020 1,150,000 1,184,500 0.46National Australia Bank 1.000% 10/12/2021 1,440,000 1,501,920 0.58National Australia Bank 0.350% 05/08/2022 1,100,000 1,118,150 0.43National Australia Bank 0.250% 19/01/2023 220,000 222,310 0.09Nederlandse Waterschapsbank 2.250% 03/09/2019 1,000,000 1,050,000 0.41Nederlandse Waterschapsbank 1.875% 03/02/2020 1,100,000 1,157,750 0.45Nederlandse Waterschapsbank 2.375% 19/08/2020 1,500,000 1,614,750 0.63Nederlandse Waterschapsbank 2.250% 24/02/2021 600,000 651,000 0.25Nederlandse Waterschapsbank 2.625% 07/02/2022 900,000 1,009,800 0.39Nederlandse Waterschapsbank 2.375% 27/01/2023 700,000 793,100 0.31NIBC Bank 1.375% 17/06/2019 350,000 355,250 0.14Nordea Bank 0.750% 04/10/2019 1,100,000 1,121,450 0.43Nordea Bank 1.125% 02/10/2020 800,000 829,600 0.32Nordea Bank 2.750% 22/03/2021 450,000 492,300 0.19Oesterreichische Kontrollbank 2.125% 23/07/2019 1,030,000 1,075,835 0.42Oesterreichische Kontrollbank 2.750% 28/01/2020 1,500,000 1,604,250 0.62Oesterreichische Kontrollbank 1.125% 24/07/2020 2,100,000 2,190,300 0.85Oesterreichische Kontrollbank 1.000% 28/09/2021 1,550,000 1,629,825 0.63Oesterreichische Kontrollbank 3.000% 14/06/2022 1,250,000 1,433,750 0.56OP Corporate Bank 1.000% 14/07/2021 1,050,000 1,090,950 0.42Powszechna Kasa Oszczednosci Bank Polski 0.300% 02/11/2021 2,000,000 2,011,000 0.78Raiffeisen Bank International 4.750% 24/10/2022 490,000 578,935 0.22Raiffeisenlandesbank Niederoesterreich-Wien 1.000% 12/11/2020 500,000 521,250 0.20Royal Bank of Canada 0.625% 09/04/2019 1,100,000 1,116,280 0.43Royal Bank of Canada 2.250% 21/04/2021 2,200,000 2,389,200 0.93Societe Generale 0.400% 22/02/2022 650,000 653,575 0.25Societe Generale 2.375% 19/09/2022 350,000 387,625 0.15SpareBank 1 Nord Norge 0.875% 02/12/2020 1,000,000 1,030,500 0.40SpareBank 1 Nord Norge 0.300% 16/09/2022 400,000 402,800 0.16Svenska Handelsbanken 1.250% 20/12/2019 1,300,000 1,339,650 0.52Svenska Handelsbanken 1.375% 05/10/2022 550,000 585,750 0.23



299


NominalMarket

Value CHF % of

Net Assets

Banks (44.95%) (continued) Swedbank Hypotek 2.500% 03/06/2022 850,000 948,600 0.37UniCredit Bank Ireland 4.250% 19/10/2022 355,000 415,528 0.16Vorarlberger Landes- und Hypothekenbank 2.625% 30/10/2019 750,000 792,000 0.31Vorarlberger Landes- und Hypothekenbank 0.125% 06/10/2021 1,000,000 1,001,500 0.39Wells Fargo & Co 0.625% 03/09/2020 800,000 817,200 0.32Wells Fargo & Co 0.375% 02/06/2022 1,125,000 1,141,875 0.44Westpac Banking 0.500% 02/02/2022 1,350,000 1,381,050 0.54Westpac Securities NZ 0.625% 02/09/2020 1,050,000 1,073,625 0.42

Building Materials (0.81%) Boral 2.250% 20/02/2020 450,000 469,800 0.18Holcim Overseas Finance 3.375% 10/06/2021 1,460,000 1,622,060 0.63

Chemicals (0.39%) Sinochem Offshore Capital 0.760% 17/06/2022 1,000,000 1,018,000 0.39

Diversified Financial Services (1.65%) BNP Paribas Home Loan 2.375% 07/10/2020 400,000 429,000 0.17CIF Euromortgage 2.000% 30/01/2019 730,000 750,878 0.29CIF Euromortgage 2.375% 05/03/2019 490,000 507,346 0.20Credit Agricole Home Loan 1.125% 12/08/2021 1,000,000 1,051,000 0.41Santander Consumer Finance 0.500% 05/10/2020 500,000 505,250 0.19Santander Consumer Finance 0.600% 23/03/2021 500,000 507,000 0.20Tanner Servicios Financieros 1.375% 10/11/2020 500,000 504,000 0.19

Electric (2.33%) AusNet Services Holdings 1.125% 18/04/2019 1,150,000 1,169,665 0.45EnBW International Finance 1.250% 12/07/2018 200,000 201,700 0.08Enel Finance International 2.750% 17/12/2018 1,465,000 1,508,657 0.58Enel Finance International 3.000% 23/06/2020 200,000 214,700 0.08Engie 1.125% 09/10/2020 1,200,000 1,242,600 0.48Korea Western Power 1.625% 26/03/2019 700,000 715,330 0.28Statnett 2.375% 08/02/2021 900,000 967,950 0.38

Engineering & Construction (0.13%) Vinci 3.000% 24/01/2022 300,000 330,300 0.13

Food (1.20%) Mondelez International 0.050% 30/03/2020 1,000,000 1,000,000 0.39Mondelez International 0.625% 06/10/2020 450,000 457,425 0.18Mondelez International 0.625% 30/12/2021 1,000,000 1,018,500 0.39Mondelez International 0.650% 26/07/2022 600,000 614,400 0.24

Gas (0.24%) Gas Natural Finance 2.125% 08/02/2019 600,000 615,360 0.24

Insurance (2.72%) Achmea 1.500% 19/06/2019 1,000,000 1,024,000 0.40Metropolitan Life Global Funding I 0.750% 17/04/2019 1,000,000 1,015,800 0.39Metropolitan Life Global Funding I 1.125% 18/06/2020 600,000 620,400 0.24Metropolitan Life Global Funding I 1.000% 19/09/2022 1,500,000 1,572,750 0.61New York Life Global Funding 0.500% 13/05/2019 200,000 202,620 0.08New York Life Global Funding 0.375% 02/02/2022 2,530,000 2,576,805 1.00

Lodging (0.23%) Accor 1.750% 27/06/2022 550,000 582,450 0.23

Mining (1.85%) Glencore Finance Europe 2.125% 23/12/2019 900,000 935,100 0.36Glencore Finance Europe 1.250% 01/12/2020 2,200,000 2,264,900 0.88Glencore Finance Europe 2.250% 10/05/2021 1,200,000 1,279,200 0.49Minera y Metalurgica del Boleo 0.750% 12/11/2019 300,000 302,700 0.12

Miscellaneous Manufacturers (1.04%) General Electric 3.125% 06/12/2019 2,500,000 2,673,750 1.04



300


NominalMarket

Value CHF % of

Net Assets

Oil & Gas (2.91%) Bharat Petroleum 3.000% 20/12/2019 500,000 524,500 0.20BP Capital Markets 1.000% 28/08/2020 1,350,000 1,396,575 0.54BP Capital Markets 0.750% 27/09/2021 500,000 517,500 0.20Empresa Nacional del Petroleo 2.875% 05/12/2018 800,000 821,920 0.32Petroleos Mexicanos 2.500% 10/04/2019 1,050,000 1,078,875 0.42Petroleos Mexicanos 1.500% 08/12/2020 2,350,000 2,411,100 0.94Petroleos Mexicanos 2.375% 14/12/2021 700,000 745,150 0.29

Packaging & Containers (0.29%) Amcor 2.125% 04/04/2018 750,000 754,875 0.29

Supranational Banks (12.56%) Africa Finance 0.850% 27/12/2019 350,000 353,150 0.14African Development Bank 2.625% 25/03/2019 1,150,000 1,198,530 0.46Black Sea Trade & Development Bank 1.625% 20/12/2019 700,000 721,000 0.28Central American Bank for Economic Integration 1.500% 16/12/2019 800,000 829,200 0.32Central American Bank for Economic Integration 1.500% 04/02/2020 800,000 830,000 0.32Central American Bank for Economic Integration 0.194% 19/11/2021 1,200,000 1,210,200 0.47Central American Bank for Economic Integration 1.875% 25/02/2022 900,000 970,200 0.38Central American Bank for Economic Integration 0.371% 26/08/2022 735,000 746,393 0.29Corp Andina de Fomento 0.150% 24/02/2022 650,000 654,550 0.25Corporacion Andina de Fomento 1.500% 13/08/2020 900,000 940,500 0.36Corporacion Andina de Fomento 1.375% 11/02/2021 1,630,000 1,707,425 0.66Council Of Europe Development Bank 3.375% 06/11/2020 800,000 888,400 0.34European Investment Bank 2.500% 08/02/2019 3,450,000 3,577,995 1.39European Investment Bank 1.250% 02/08/2019 1,570,000 1,620,240 0.63European Investment Bank 2.125% 22/01/2020 1,400,000 1,482,600 0.58European Investment Bank 2.375% 10/07/2020 4,800,000 5,167,200 2.00European Investment Bank 3.000% 14/04/2021 900,000 1,004,850 0.39European Investment Bank 2.000% 24/08/2022 1,850,000 2,057,200 0.80Inter-American Development Bank 2.750% 15/04/2019 1,350,000 1,411,020 0.55International Bank for Reconstruction & Development 2.750% 07/05/2019 1,905,000 1,994,535 0.77International Bank for Reconstruction & Development 26/11/2021 (zero coupon) 3,000,000 3,054,000 1.18

Telecommunications (2.22%) AT&T 0.500% 04/12/2019 1,580,000 1,599,750 0.62Bharti Airtel International Netherlands 3.000% 31/03/2020 1,320,000 1,399,200 0.54Telefonica Emisiones 2.718% 14/12/2018 650,000 669,500 0.26Telefonica Emisiones 2.595% 23/10/2020 1,070,000 1,145,435 0.44Telstra 1.750% 14/12/2018 900,000 919,440 0.36

Transportation (2.32%) Deutsche Bahn Finance 1.750% 03/06/2020 3,000,000 3,163,500 1.23Materiellselskapet 1.125% 02/05/2023 200,000 210,900 0.08Network Rail Infrastructure Finance 2.750% 06/10/2021 1,300,000 1,453,400 0.56Norske Tog 2.125% 14/02/2020 1,100,000 1,154,450 0.45 Total Corporate Bonds 207,538,659 80.43

Government Bonds

Banks (0.35%) Korea Development Bank 1.375% 02/07/2018 500,000 504,400 0.19Korea Development Bank 1.000% 21/12/2018 400,000 405,800 0.16

Commercial Services (1.27%) SNCF Reseau 3.000% 24/04/2019 1,555,000 1,628,085 0.63SNCF Reseau 2.875% 26/02/2021 1,505,000 1,654,747 0.64

Electric (0.20%) Korea Electric Power 1.500% 23/04/2019 500,000 509,600 0.20

Gas (0.50%) Korea Gas 2.875% 11/10/2019 200,000 209,800 0.08Korea Gas 1.125% 12/02/2020 1,060,000 1,087,560 0.42



301


NominalMarket

Value CHF % of

Net Assets

Oil & Gas (1.54%) EBN 0.625% 04/07/2019 885,000 899,160 0.35EBN 2.125% 27/04/2020 1,650,000 1,744,875 0.68EBN 0.500% 22/09/2022 400,000 412,000 0.16Korea National Oil 1.625% 29/11/2018 885,000 899,425 0.35

Real Estate (0.40%) Akademiska Hus 2.250% 22/02/2021 950,000 1,028,375 0.40

Regional Bonds (4.53%) Kommunekredit 2.250% 16/08/2019 150,000 157,200 0.06Kommunekredit 2.125% 09/10/2020 200,000 214,800 0.08Kommuninvest I Sverige 1.250% 28/02/2022 400,000 426,600 0.17Municipality Finance 2.250% 10/12/2019 1,100,000 1,162,150 0.45Municipality Finance 3.000% 15/04/2021 600,000 668,400 0.26Province of Ontario Canada 3.375% 29/04/2019 500,000 528,250 0.20Province of Ontario Canada 2.500% 04/12/2019 1,000,000 1,059,500 0.41Province of Ontario Canada 2.375% 07/05/2020 1,600,000 1,707,200 0.66Province of Quebec Canada 2.875% 17/12/2021 1,000,000 1,124,500 0.44State of Lower Austria 28/06/2019 (zero coupon) 800,000 806,800 0.31State of Lower Austria 0.200% 07/08/2020 500,000 507,000 0.20State of Lower Austria 0.375% 27/04/2021 930,000 948,600 0.37State of Lower Austria 0.500% 27/10/2022 750,000 772,125 0.30State of North Rhine-Westphalia 2.250% 01/03/2019 1,550,000 1,603,165 0.62

Sovereign Bonds (7.28%) Bundesimmobiliengesellschaft 3.250% 16/07/2019 1,250,000 1,325,625 0.51Caisse d'Amortissement de la Dette Sociale 3.000% 21/04/2021 750,000 832,500 0.32Caisse de Refinancement de l'Habitat 1.625% 05/03/2019 1,200,000 1,230,960 0.48Caisse de Refinancement de l'Habitat 2.500% 29/03/2021 2,400,000 2,620,800 1.01Caisse de Refinancement de l'Habitat 1.875% 23/05/2022 850,000 929,900 0.36Caisse des Depots et Consignations 1.250% 16/12/2020 1,000,000 1,049,500 0.41Caisse Francaise de Financement Local 2.625% 12/08/2019 900,000 945,900 0.37Caisse Francaise de Financement Local 3.500% 28/08/2019 500,000 533,750 0.21Export-Import Bank of Korea 1.125% 03/09/2019 135,000 137,700 0.05Poland Government International Bond 3.250% 15/05/2019 4,000,000 4,208,000 1.63Poland Government International Bond 1.000% 17/09/2021 2,500,000 2,596,250 1.01Slovakia Government International Bond 1.375% 16/10/2019 1,455,000 1,501,560 0.58Slovakia Government International Bond 2.750% 25/04/2022 780,000 876,720 0.34

Transportation (2.65%) Korea Railroad 1.500% 02/12/2019 1,400,000 1,439,200 0.56Regie Autonome des Transports Parisiens 2.625% 06/11/2019 1,000,000 1,058,000 0.41SNCF Mobilites EPIC 2.750% 23/01/2019 600,000 621,900 0.24SNCF Mobilites EPIC 2.375% 24/07/2019 1,300,000 1,358,500 0.53SNCF Mobilites EPIC 2.250% 25/02/2021 850,000 916,725 0.35SNCF Mobilites EPIC 2.625% 13/12/2021 1,300,000 1,444,300 0.56 Total Government Bonds 48,297,907 18.72 TOTAL INVESTMENTS (Cost CHF 255,195,352) 255,836,566 99.15





302


NominalMarket

Value CHF % of

Net Assets

Corporate Bonds

Agriculture (1.21%) BAT International Finance 1.375% 08/09/2026 650,000 691,925 0.68Philip Morris International 1.625% 16/05/2024 500,000 546,250 0.53

Banks (43.00%) ABN AMRO Bank 1.500% 18/07/2023 500,000 546,750 0.53ABN AMRO Bank 0.300% 18/12/2024 250,000 250,375 0.24Achmea Bank 0.500% 27/10/2023 500,000 506,500 0.49ANZ New Zealand International 0.250% 25/10/2023 500,000 504,000 0.49ANZ New Zealand International 0.250% 22/09/2025 500,000 499,250 0.49ASB Finance 0.200% 02/08/2024 300,000 300,900 0.29Banco Santander 0.750% 12/06/2023 1,000,000 1,020,000 0.99Bank Nederlandse Gemeenten 1.125% 19/04/2023 300,000 321,600 0.31Bank Nederlandse Gemeenten 1.250% 30/04/2024 800,000 870,800 0.85Bank Nederlandse Gemeenten 2.500% 21/07/2025 2,500,000 2,981,250 2.90Banque Federative du Credit Mutuel 1.625% 11/04/2023 300,000 322,950 0.32Banque Federative du Credit Mutuel 0.550% 08/12/2023 700,000 714,000 0.70Banque Federative du Credit Mutuel 2.000% 22/05/2024 350,000 389,375 0.38Banque Federative du Credit Mutuel 0.320% 10/02/2025 300,000 299,850 0.29Banque Federative du Credit Mutuel 0.400% 19/12/2025 500,000 501,500 0.49Banque Federative du Credit Mutuel 0.600% 05/04/2027 500,000 504,750 0.49BNP Paribas 1.750% 05/06/2025 355,000 375,235 0.37Canadian Imperial Bank of Commerce 0.125% 22/12/2025 550,000 551,925 0.54Citigroup 0.500% 22/11/2024 650,000 658,125 0.64Commerzbank 3.125% 14/07/2025 500,000 609,250 0.59Commonwealth Bank of Australia 0.400% 25/09/2026 1,000,000 1,010,500 0.98Compagnie de Financement Foncier 1.500% 19/02/2024 500,000 548,500 0.53Cooperatieve Rabobank 3.500% 31/08/2023 500,000 596,250 0.58Cooperatieve Rabobank 3.125% 15/09/2026 1,350,000 1,672,650 1.63Credit Agricole 1.750% 13/03/2023 280,000 303,520 0.30Credit Agricole 0.625% 15/09/2023 400,000 409,800 0.40Credit Agricole 0.625% 12/07/2024 400,000 404,400 0.39Credit Agricole 2.125% 30/10/2024 550,000 619,025 0.60Credit Agricole 1.000% 27/01/2025 200,000 210,200 0.21Credit Agricole 2.125% 29/09/2025 200,000 219,300 0.21Credit Agricole 0.550% 14/12/2026 200,000 201,800 0.20Credit Suisse 0.550% 15/04/2024 500,000 507,500 0.49Credit Suisse Group Funding Guernsey 1.000% 14/04/2023 2,150,000 2,220,950 2.16Deutsche Bank 0.625% 19/12/2023 700,000 703,850 0.69DZ Bank Deutsche Zentral-Genossenschaftsbank 3.238% 30/08/2023 100,000 109,250 0.11Goldman Sachs Group 0.500% 04/12/2024 1,000,000 1,010,500 0.98HYPO NOE Gruppe Bank 0.125% 17/10/2023 300,000 300,000 0.29JPMorgan Chase & Co 0.500% 04/12/2023 1,200,000 1,227,600 1.20JPMorgan Chase & Co 0.450% 11/11/2026 1,000,000 1,010,000 0.98KFW 2.500% 25/08/2025 3,100,000 3,716,900 3.62Lansforsakringar Hypotek 1.125% 11/04/2023 360,000 381,960 0.37Lansforsakringar Hypotek 0.875% 16/09/2024 400,000 423,400 0.41Macquarie Bank 0.625% 04/09/2023 1,250,000 1,281,875 1.25Macquarie Bank 0.750% 05/02/2024 350,000 361,375 0.35mFinance France 1.005% 28/03/2023 500,000 511,500 0.50National Australia Bank 0.250% 19/01/2023 500,000 505,250 0.49National Australia Bank 1.625% 05/09/2023 550,000 598,125 0.58National Australia Bank 1.500% 07/02/2024 550,000 607,750 0.59National Australia Bank 0.300% 31/10/2025 1,000,000 1,002,500 0.98Nordea Bank 0.250% 27/11/2023 550,000 556,050 0.54Nordea Bank 0.550% 23/06/2025 1,250,000 1,288,125 1.25Oesterreichische Kontrollbank 1.750% 24/05/2023 305,000 337,178 0.33Oesterreichische Kontrollbank 2.625% 22/11/2024 1,900,000 2,253,400 2.19SpareBank 1 SMN 0.350% 05/04/2023 500,000 503,500 0.49Wells Fargo & Co 0.500% 02/11/2023 1,200,000 1,225,800 1.19Wells Fargo & Co 1.250% 03/09/2024 600,000 640,800 0.62Westpac Banking 0.400% 09/06/2023 450,000 458,100 0.45Westpac Banking 0.300% 28/11/2025 500,000 501,750 0.49Westpac Securities NZ 0.125% 15/12/2022 200,000 200,900 0.20Westpac Securities NZ 0.375% 05/02/2024 800,000 811,200 0.79



303


NominalMarket

Value CHF % of

Net Assets

Beverages (1.48%) Coca-Cola 0.250% 22/12/2022 1,500,000 1,520,250 1.48

Commercial Services (1.98%) Korea Expressway 0.250% 07/06/2024 500,000 502,000 0.49Transurban Queensland Finance 0.625% 23/06/2023 900,000 918,000 0.89Transurban Queensland Finance 0.650% 02/11/2026 600,000 611,700 0.60

Computers (2.48%) Apple 0.375% 25/11/2024 2,500,000 2,548,750 2.48

Diversified Financial Services (2.42%) Credit Agricole Home Loan 1.125% 05/06/2024 500,000 536,250 0.52Credit Agricole Home Loan 0.100% 26/01/2026 435,000 434,348 0.43Credit Agricole Home Loan 0.250% 18/06/2026 500,000 504,500 0.49Credit Agricole Home Loan 0.250% 27/07/2027 1,000,000 1,007,000 0.98

Electric (1.93%) Electricite de France 0.300% 14/10/2024 600,000 603,000 0.59Enel Finance International 0.550% 03/09/2024 600,000 610,800 0.59Enel Finance International 4.000% 26/10/2027 300,000 385,650 0.37Engie 1.625% 09/10/2024 355,000 387,483 0.38

Engineering & Construction (0.99%) Heathrow Funding 0.500% 17/05/2024 1,000,000 1,017,500 0.99

Food (2.70%) Auchan Holding 1.500% 03/06/2024 200,000 212,500 0.21Mondelez International 1.125% 21/12/2023 650,000 680,875 0.66Mondelez International 1.125% 30/12/2025 800,000 832,000 0.81Nestle Holdings 0.250% 04/10/2027 1,050,000 1,053,675 1.02

Healthcare Products (1.14%) DH Switzerland Finance 0.500% 08/12/2023 1,150,000 1,170,125 1.14

Insurance (0.88%) Jackson National Life Global Funding 0.375% 18/07/2025 500,000 504,750 0.49Metropolitan Life Global Funding I 0.300% 19/01/2026 400,000 401,600 0.39

Oil & Gas (4.92%) BP Capital Markets 1.750% 28/02/2024 500,000 547,250 0.53Shell International Finance 0.375% 21/08/2023 1,650,000 1,683,000 1.64Total Capital International 1.000% 29/08/2024 1,700,000 1,797,750 1.75Total Capital International 0.500% 01/06/2027 600,000 612,900 0.60Woodside Finance 1.000% 11/12/2023 400,000 417,400 0.40

Pharmaceuticals & Biotechnology (2.55%) Amgen 0.410% 08/03/2023 1,300,000 1,315,600 1.28Eli Lilly & Co 0.150% 24/05/2024 1,300,000 1,301,300 1.27

Real Estate (0.59%) Akademiska Hus 0.250% 17/11/2025 600,000 607,800 0.59

Retail (0.73%) McDonald's 0.170% 04/10/2024 750,000 747,750 0.73

Sovereign Bonds (0.31%) Svensk Exportkredit 1.250% 17/07/2023 300,000 323,550 0.31

Supranational Banks (10.10%) Central American Bank for Economic Integration 1.125% 24/02/2023 200,000 210,600 0.20Corporacion Andina de Fomento 0.450% 07/09/2023 350,000 356,475 0.35Corporacion Andina de Fomento 2.000% 05/02/2024 450,000 501,750 0.49Corporacion Andina de Fomento 0.300% 07/04/2025 500,000 500,750 0.49Corporacion Andina de Fomento 0.500% 26/02/2026 850,000 861,050 0.84Corporacion Andina de Fomento 0.510% 16/09/2026 225,000 227,250 0.22Council Of Europe Development Bank 1.000% 06/03/2023 590,000 627,760 0.61European Investment Bank 1.125% 26/04/2023 1,500,000 1,618,500 1.58



304


NominalMarket

Value CHF % of

Net Assets

Supranational Banks (10.10%) (continued) European Investment Bank 1.625% 23/11/2023 920,000 1,023,960 1.00European Investment Bank 1.500% 02/08/2024 1,250,000 1,391,875 1.35European Investment Bank 1.625% 04/02/2025 600,000 676,500 0.66European Investment Bank 2.625% 11/02/2025 600,000 720,900 0.70European Investment Bank 1.625% 02/04/2026 650,000 742,950 0.72European Investment Bank 3.375% 15/10/2027 500,000 662,250 0.64North American Development Bank 0.250% 30/04/2025 250,000 253,250 0.25

Telecommunications (4.24%) AT&T 1.375% 04/12/2024 900,000 952,200 0.93Telefonica Emisiones 3.450% 14/12/2022 250,000 289,250 0.28Verizon Communications 0.375% 31/05/2023 1,100,000 1,104,400 1.08Verizon Communications 1.000% 30/11/2027 700,000 709,100 0.69Vodafone Group 0.375% 03/12/2024 800,000 804,800 0.78Vodafone Group 0.625% 15/03/2027 500,000 497,750 0.48

Transportation (2.83%) Deutsche Bahn Finance 1.375% 24/07/2023 900,000 974,250 0.95Deutsche Bahn Finance 1.500% 21/02/2024 200,000 219,000 0.21Deutsche Bahn Finance 1.500% 26/08/2024 1,000,000 1,100,500 1.07Deutsche Bahn Finance 0.100% 01/12/2025 400,000 401,400 0.39Materiellselskapet 1.125% 02/05/2023 200,000 210,900 0.21 Total Corporate Bonds 88,856,019 86.48

Government Bonds

Banks (0.63%) Agence Francaise de Developpement 2.625% 18/02/2025 550,000 651,200 0.63

Commercial Services (0.39%) SNCF Reseau 2.000% 12/11/2026 350,000 407,750 0.39

Oil & Gas (0.53%) EBN 1.625% 03/10/2023 300,000 328,950 0.32EBN 1.125% 04/07/2024 200,000 215,400 0.21

Regional Bonds (7.13%) Auckland Council 1.125% 07/02/2024 500,000 536,750 0.52Auckland Council 1.500% 28/11/2025 650,000 722,475 0.70Kommunekredit 0.625% 09/07/2027 500,000 529,500 0.52Municipality Finance 0.875% 01/02/2023 1,030,000 1,090,254 1.06Municipality Finance 0.750% 17/09/2024 250,000 264,625 0.26Municipality Finance 2.375% 30/03/2026 500,000 597,000 0.58Municipality Finance 1.375% 08/06/2027 830,000 932,505 0.91Province of Quebec Canada 1.125% 22/02/2023 455,000 484,575 0.47Province of Quebec Canada 1.500% 05/02/2024 350,000 383,250 0.37Province of Quebec Canada 0.750% 21/11/2024 800,000 841,200 0.82State of Lower Austria 0.350% 22/09/2023 400,000 410,000 0.40State of North Rhine-Westphalia 0.875% 29/07/2024 500,000 532,750 0.52

Sovereign Bonds (4.34%) Caisse d'Amortissement de la Dette Sociale 2.375% 19/04/2023 370,000 419,025 0.41Caisse d'Amortissement de la Dette Sociale 2.500% 09/12/2025 250,000 297,375 0.29Caisse de Refinancement de l'Habitat 1.375% 15/03/2023 325,000 351,975 0.34Caisse de Refinancement de l'Habitat 2.375% 05/03/2024 800,000 920,400 0.89Caisse de Refinancement de l'Habitat 1.750% 26/06/2025 400,000 450,600 0.44Caisse des Depots et Consignations 0.300% 12/11/2027 600,000 605,400 0.59Export-Import Bank of Korea 0.170% 18/07/2025 500,000 491,250 0.48



305


NominalMarket

Value CHF % of

Net Assets

Sovereign Bonds (4.34%) (continued) Instituto de Credito Oficial 3.250% 28/06/2024 400,000 472,600 0.46Slovakia Government International Bond 2.125% 16/10/2023 400,000 448,000 0.44 Total Government Bonds 13,384,809 13.02 TOTAL INVESTMENTS (Cost CHF 101,554,085) 102,240,828 99.50



UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF Annual report as of 31 December 2017


306


NominalMarket

Value EUR % of

Net Assets

Corporate Bonds

Advertising (0.20%) Publicis Groupe 1.125% 16/12/2021 800,000 822,496 0.20

Airlines (0.46%) Deutsche Lufthansa 1.125% 12/09/2019 600,000 611,694 0.15Ryanair 1.875% 17/06/2021 1,200,000 1,262,964 0.31

Apparel (1.29%) LVMH Moet Hennessy Louis Vuitton 1.250% 04/11/2019 400,000 410,652 0.10LVMH Moet Hennessy Louis Vuitton 26/05/2020 (zero coupon) 2,000,000 2,001,640 0.49LVMH Moet Hennessy Louis Vuitton 1.750% 13/11/2020 800,000 838,168 0.20LVMH Moet Hennessy Louis Vuitton 1.000% 24/09/2021 1,200,000 1,236,540 0.30LVMH Moet Hennessy Louis Vuitton 0.375% 26/05/2022 800,000 803,440 0.20

Auto Manufacturers (12.17%) BMW Finance 1.625% 17/07/2019 1,000,000 1,027,830 0.25BMW Finance 0.500% 21/01/2020 1,000,000 1,012,380 0.25BMW Finance 0.125% 15/04/2020 900,000 903,240 0.22BMW Finance 0.125% 03/07/2020 1,421,000 1,425,860 0.35BMW Finance 2.000% 04/09/2020 1,000,000 1,053,070 0.26BMW Finance 0.875% 17/11/2020 1,300,000 1,331,538 0.32BMW Finance 0.125% 12/01/2021 1,800,000 1,803,834 0.44BMW Finance 1.000% 15/02/2022 700,000 723,331 0.18BMW Finance 1.250% 05/09/2022 500,000 521,235 0.13BMW US Capital 1.125% 18/09/2021 2,000,000 2,069,100 0.50BMW US Capital 0.625% 20/04/2022 2,000,000 2,031,240 0.49Daimler 0.500% 09/09/2019 1,600,000 1,616,272 0.39Daimler 0.625% 05/03/2020 1,250,000 1,266,862 0.31Daimler 2.000% 07/04/2020 400,000 417,960 0.10Daimler 0.250% 11/05/2020 2,700,000 2,713,770 0.66Daimler 0.875% 12/01/2021 900,000 919,980 0.22Daimler 0.875% 12/01/2021 300,000 306,660 0.07Daimler 2.000% 25/06/2021 1,000,000 1,063,950 0.26Daimler 2.250% 24/01/2022 800,000 865,368 0.21Daimler International Finance 15/03/2019 (zero coupon) 1,100,000 1,101,815 0.27Daimler International Finance 0.200% 13/09/2021 1,000,000 999,990 0.24RCI Banque 0.375% 10/07/2019 1,250,000 1,257,263 0.31RCI Banque 1.125% 30/09/2019 700,000 713,916 0.17RCI Banque 0.625% 04/03/2020 300,000 303,237 0.07RCI Banque 1.375% 17/11/2020 900,000 930,798 0.23RCI Banque 2.250% 29/03/2021 500,000 530,500 0.13RCI Banque 0.625% 10/11/2021 800,000 805,512 0.20RCI Banque 0.750% 12/01/2022 1,500,000 1,513,005 0.37RCI Banque 1.250% 08/06/2022 800,000 823,696 0.20RCI Banque 0.750% 26/09/2022 1,014,000 1,021,159 0.25Renault 3.125% 05/03/2021 700,000 761,705 0.19Volkswagen Bank 1.500% 13/02/2019 1,200,000 1,220,412 0.30Volkswagen Financial Services 0.750% 14/10/2021 800,000 812,616 0.20Volkswagen International Finance 2.000% 14/01/2020 1,575,000 1,636,283 0.40Volkswagen International Finance 2.000% 26/03/2021 1,000,000 1,056,230 0.26Volkswagen International Finance 0.500% 30/03/2021 2,400,000 2,418,216 0.59Volkswagen International Finance 1.000% Perpetual 1,400,000 1,500,114 0.37Volkswagen International Finance 2.500% Perpetual 1,700,000 1,744,285 0.42Volkswagen International Finance 2.700% 31/12/2099 2,000,000 2,059,780 0.50Volkswagen Leasing 0.750% 11/08/2020 700,000 711,312 0.17Volkswagen Leasing 0.250% 05/10/2020 2,000,000 2,004,160 0.49Volkswagen Leasing 2.125% 04/04/2022 900,000 961,389 0.23

Auto Parts & Equipment (1.28%) Continental 05/02/2020 (zero coupon) 900,000 901,341 0.22Continental 3.125% 09/09/2020 1,050,000 1,135,859 0.28Continental Rubber of America 0.500% 19/02/2019 400,000 402,860 0.10Hella Hueck & Co 2.375% 24/01/2020 450,000 471,334 0.11Knorr-Bremse 0.500% 08/12/2021 600,000 607,038 0.15Robert Bosch Investment Nederland 1.625% 24/05/2021 600,000 630,792 0.15



307


NominalMarket

Value EUR % of

Net Assets

Auto Parts & Equipment (1.28%) (continued) Schaeffler Finance 3.500% 15/05/2022 500,000 509,825 0.12Valeo 0.375% 12/09/2022 600,000 597,726 0.15

Banks (33.39%) ABN AMRO Bank 0.750% 09/06/2020 700,000 712,600 0.17ABN AMRO Bank 2.125% 26/11/2020 1,250,000 1,324,687 0.32ABN AMRO Bank 0.625% 31/05/2022 700,000 711,130 0.17ABN AMRO Bank 2.875% 30/06/2025 2,000,000 2,117,480 0.52Achmea Bank 2.750% 18/02/2021 850,000 915,297 0.22Achmea Bank 1.125% 25/04/2022 700,000 718,011 0.18Allied Irish Banks 2.750% 16/04/2019 400,000 414,116 0.10Allied Irish Banks 1.375% 16/03/2020 750,000 770,242 0.19Argenta Spaarbank 3.875% 24/05/2026 400,000 434,340 0.11Banca Popolare di Vicenza 2.750% 20/03/2020 1,550,000 1,640,970 0.40Banco Bilbao Vizcaya Argentaria 1.000% 20/01/2021 1,200,000 1,230,096 0.30Banco Bilbao Vizcaya Argentaria 0.625% 17/01/2022 1,200,000 1,210,404 0.30Banco Bilbao Vizcaya Argentaria 0.750% 11/09/2022 2,400,000 2,403,552 0.59Banco Santander 1.375% 09/02/2022 3,000,000 3,093,930 0.75Bankia 3.500% 17/01/2019 1,300,000 1,347,723 0.33Bankinter 1.750% 10/06/2019 600,000 614,850 0.15Banque Federative du Credit Mutuel 0.250% 14/06/2019 2,500,000 2,514,050 0.61Banque Federative du Credit Mutuel 2.000% 19/09/2019 1,700,000 1,761,914 0.43Banque Federative du Credit Mutuel 2.625% 24/02/2021 700,000 754,593 0.18Banque Federative du Credit Mutuel 0.375% 13/01/2022 2,500,000 2,510,400 0.61BBVA Senior Finance 2.375% 22/01/2019 1,500,000 1,539,945 0.38BBVA Subordinated Capital 3.500% 11/04/2024 1,700,000 1,769,360 0.43Belfius Bank 0.750% 12/09/2022 1,000,000 1,002,840 0.24Berlin Hyp 1.625% 29/01/2019 700,000 713,174 0.17BNP Paribas 2.000% 28/01/2019 1,200,000 1,227,708 0.30BNP Paribas 2.250% 13/01/2021 1,250,000 1,330,863 0.32BNP Paribas 0.500% 01/06/2022 700,000 706,237 0.17BNP Paribas 0.750% 11/11/2022 1,700,000 1,730,532 0.42BNP Paribas 2.875% 20/03/2026 2,200,000 2,350,590 0.57BNP Paribas 2.625% 14/10/2027 1,000,000 1,076,540 0.26BPCE 1.375% 22/05/2019 1,000,000 1,021,370 0.25BPCE 0.625% 20/04/2020 1,300,000 1,318,590 0.32BPCE 2.125% 17/03/2021 1,000,000 1,064,430 0.26BPCE 2.750% 08/07/2026 1,500,000 1,600,140 0.39BPCE 2.750% 30/11/2027 800,000 864,056 0.21BPE Financiaciones 2.000% 03/02/2020 800,000 830,000 0.20Commerzbank 0.625% 14/03/2019 900,000 907,776 0.22Commerzbank 1.500% 21/09/2022 600,000 630,432 0.15Cooperatieve Rabobank 1.750% 22/01/2019 1,900,000 1,939,501 0.47Cooperatieve Rabobank 0.125% 11/10/2021 1,000,000 1,000,850 0.24Cooperatieve Rabobank 0.500% 06/12/2022 750,000 755,452 0.18Cooperatieve Rabobank 2.500% 26/05/2026 2,500,000 2,648,000 0.65Credit Agricole 2.375% 27/11/2020 2,000,000 2,136,680 0.52Credit Agricole 0.875% 19/01/2022 1,600,000 1,639,152 0.40Credit Agricole 0.750% 01/12/2022 1,000,000 1,016,720 0.25de Volksbank 0.125% 28/09/2020 500,000 500,360 0.12de Volksbank 3.750% 05/11/2025 600,000 650,130 0.16Deutsche Bank 1.000% 18/03/2019 2,000,000 2,022,780 0.49Deutsche Bank 1.250% 08/09/2021 2,500,000 2,564,825 0.63Deutsche Bank 1.500% 20/01/2022 2,600,000 2,686,736 0.65Deutsche Kreditbank 0.625% 08/06/2021 600,000 608,346 0.15Deutsche Pfandbriefbank 1.250% 04/02/2019 600,000 608,196 0.15Deutsche Pfandbriefbank 1.500% 17/09/2019 700,000 717,080 0.18Deutsche Pfandbriefbank 1.125% 27/04/2020 900,000 919,278 0.22Deutsche Pfandbriefbank 0.875% 29/01/2021 600,000 610,398 0.15DVB Bank 1.000% 29/07/2019 300,000 301,377 0.07DVB Bank 0.875% 11/11/2019 1,000,000 1,003,100 0.24DVB Bank 1.250% 22/04/2020 800,000 808,952 0.20DVB Bank 2.375% 02/12/2020 200,000 208,242 0.05DVB Bank 0.875% 09/04/2021 900,000 897,804 0.22DVB Bank 1.250% 15/09/2021 800,000 805,904 0.20DVB Bank 1.000% 25/04/2022 700,000 695,814 0.17Erste Group Bank 1.875% 13/05/2019 500,000 512,825 0.13



308


NominalMarket

Value EUR % of

Net Assets

Banks (33.39%) (continued) HSBC France 1.625% 03/12/2018 1,200,000 1,220,844 0.30HSBC France 1.875% 16/01/2020 1,000,000 1,039,120 0.25HSBC France 0.625% 03/12/2020 1,000,000 1,017,490 0.25ING Bank 1.250% 13/12/2019 1,400,000 1,437,730 0.35ING Bank 0.700% 16/04/2020 1,700,000 1,728,373 0.42ING Bank 0.750% 24/11/2020 1,100,000 1,122,055 0.27ING Bank 0.750% 22/02/2021 1,900,000 1,939,083 0.47ING Bank 3.625% 25/02/2026 2,000,000 2,186,000 0.53ING Groep 0.750% 09/03/2022 1,700,000 1,723,545 0.42Intesa Sanpaolo 3.000% 28/01/2019 600,000 619,710 0.15Intesa Sanpaolo 1.125% 14/01/2020 1,850,000 1,889,109 0.46Intesa Sanpaolo 2.000% 18/06/2021 1,300,000 1,373,827 0.34Intesa Sanpaolo 3.500% 17/01/2022 1,300,000 1,454,492 0.35Intesa Sanpaolo 1.125% 04/03/2022 1,600,000 1,635,552 0.40Intesa Sanpaolo 0.875% 27/06/2022 1,100,000 1,113,222 0.27KBC Groep 1.000% 26/04/2021 700,000 717,031 0.18KBC Group 0.750% 01/03/2022 2,100,000 2,124,024 0.52KBC Group 2.375% 25/11/2024 800,000 830,880 0.20KBC Group 1.000% 11/03/2027 1,000,000 1,033,560 0.25Mediobanca 2.250% 18/03/2019 1,427,000 1,465,087 0.36Mediobanca 0.750% 17/02/2020 1,000,000 1,013,150 0.25Mediobanca 1.625% 19/01/2021 1,000,000 1,040,850 0.25Mediobanca 0.625% 27/09/2022 500,000 495,725 0.12NIBC Bank 2.250% 24/09/2019 400,000 414,348 0.10NIBC Bank 1.500% 31/01/2022 700,000 720,244 0.18OP Corporate Bank 1.125% 17/06/2019 900,000 916,551 0.22OP Corporate Bank 2.000% 03/03/2021 800,000 848,496 0.21OP Corporate Bank 0.875% 21/06/2021 1,050,000 1,077,258 0.26OP Corporate Bank 0.750% 03/03/2022 1,950,000 1,989,507 0.48PSA Banque France 0.500% 17/01/2020 600,000 604,890 0.15PSA Banque France 0.625% 10/10/2022 700,000 699,230 0.17Raiffeisen Bank International 4.500% 21/02/2025 700,000 755,279 0.18Saastopankkien Keskuspankki Suomi 1.000% 06/05/2020 750,000 763,290 0.19Santander Consumer Bank 0.750% 17/10/2022 800,000 801,112 0.20Santander International Debt 4.000% 24/01/2020 1,400,000 1,515,136 0.37Santander International Debt 1.375% 03/03/2021 1,700,000 1,764,107 0.43Santander International Debt 1.375% 14/12/2022 1,000,000 1,043,430 0.25Societe Generale 2.250% 23/01/2020 1,900,000 1,989,395 0.48Societe Generale 0.750% 25/11/2020 500,000 510,095 0.12Societe Generale 0.750% 19/02/2021 1,200,000 1,223,916 0.30Societe Generale 0.125% 05/10/2021 600,000 598,350 0.15Societe Generale 1.000% 01/04/2022 1,500,000 1,532,460 0.37Societe Generale 2.500% 16/09/2026 1,100,000 1,166,759 0.28UniCredit 3.625% 24/01/2019 1,500,000 1,557,780 0.38UniCredit 1.500% 19/06/2019 1,400,000 1,430,786 0.35UniCredit 3.250% 14/01/2021 1,700,000 1,853,969 0.45UniCredit Bank Austria 2.500% 27/05/2019 500,000 517,505 0.13Unione di Banche Italiane 2.875% 18/02/2019 1,200,000 1,238,412 0.30Unione di Banche Italiane 0.750% 17/10/2022 1,200,000 1,195,824 0.29Veneto Banca 4.000% 20/05/2019 1,000,000 1,056,140 0.26

Beverages (2.37%) Anheuser-Busch InBev 0.625% 17/03/2020 2,500,000 2,534,900 0.62Anheuser-Busch InBev 2.250% 24/09/2020 800,000 847,464 0.20Anheuser-Busch InBev 1.950% 30/09/2021 725,000 771,582 0.19Anheuser-Busch InBev 0.875% 17/03/2022 2,700,000 2,766,447 0.67Heineken 2.000% 06/04/2021 550,000 583,132 0.14Heineken 1.250% 10/09/2021 750,000 777,615 0.19Pernod Ricard 2.000% 22/06/2020 1,400,000 1,466,850 0.36

Building Materials (1.38%) Compagnie de Saint-Gobain 27/03/2020 (zero coupon) 1,300,000 1,298,479 0.32CRH Finance Germany 1.750% 16/07/2021 800,000 838,344 0.20CRH Finland Services 2.750% 15/10/2020 1,000,000 1,065,980 0.26HeidelbergCement Finance Luxembourg 2.250% 12/03/2019 500,000 513,730 0.12HeidelbergCement Finance Luxembourg 0.500% 18/01/2021 1,500,000 1,514,760 0.37HeidelbergCement Finance Luxembourg 3.250% 21/10/2021 400,000 443,840 0.11



309


NominalMarket

Value EUR % of

Net Assets

Chemicals (2.85%) Air Liquide Finance 0.125% 13/06/2020 500,000 501,775 0.12Air Liquide Finance 0.500% 13/06/2022 800,000 809,200 0.20BASF 1.375% 22/01/2019 750,000 759,472 0.18BASF 1.875% 04/02/2021 1,700,000 1,799,076 0.44BASF Finance Europe 10/11/2020 (zero coupon) 1,250,000 1,251,287 0.30Covestro 1.000% 07/10/2021 900,000 925,992 0.23Evonik Finance 08/03/2021 (zero coupon) 1,250,000 1,243,363 0.30Evonik Industries 1.875% 08/04/2020 558,000 581,849 0.14Evonik Industries 2.125% 07/07/2077 500,000 512,620 0.12KONINKLIJKE DSM 1.375% 26/09/2022 500,000 525,480 0.13LANXESS 0.250% 07/10/2021 600,000 600,420 0.15Linde Finance 0.250% 18/01/2022 1,150,000 1,157,970 0.28Solvay 1.625% 02/12/2022 1,000,000 1,050,340 0.26

Commercial Services (0.90%) ALD 0.875% 18/07/2022 600,000 607,266 0.15APRR 2.250% 16/01/2020 600,000 627,000 0.15APRR 1.125% 15/01/2021 1,100,000 1,129,997 0.28Autostrade per l'Italia 2.875% 26/02/2021 750,000 813,847 0.20Infra Park 1.250% 16/10/2020 500,000 513,550 0.12

Computers (0.57%) Capgemini 1.750% 01/07/2020 1,200,000 1,244,604 0.30Capgemini 0.500% 09/11/2021 1,100,000 1,108,844 0.27

Cosmetics & Personal Care (0.67%) Unilever 1.750% 05/08/2020 1,200,000 1,257,156 0.31Unilever 31/07/2021 (zero coupon) 600,000 597,420 0.14Unilever 0.500% 03/02/2022 900,000 911,079 0.22

Distribution & Wholesale (0.36%) Wurth Finance International 1.750% 21/05/2020 684,000 713,775 0.17Wurth Finance International 1.000% 19/05/2022 750,000 774,487 0.19

Diversified Financial Services (5.18%) Criteria Caixa 2.375% 09/05/2019 1,300,000 1,337,895 0.33Criteria Caixa 1.625% 21/04/2022 1,300,000 1,335,620 0.32Deutsche Boerse 2.750% 05/02/2041 600,000 642,948 0.16FCA Bank 2.625% 17/04/2019 750,000 775,567 0.19FCA Bank 2.000% 23/10/2019 1,000,000 1,034,720 0.25FCA Bank 1.375% 17/04/2020 850,000 873,970 0.21FCA Bank 1.250% 23/09/2020 500,000 514,275 0.13FCA Bank 0.250% 12/10/2020 1,000,000 1,000,600 0.24FCA Bank 1.250% 21/01/2021 800,000 822,584 0.20FCA Bank 1.000% 15/11/2021 1,300,000 1,328,327 0.32LeasePlan 2.375% 23/04/2019 600,000 618,468 0.15LeasePlan 1.000% 08/04/2020 1,000,000 1,019,620 0.25LeasePlan 1.000% 24/05/2021 800,000 815,968 0.20LeasePlan 0.750% 03/10/2022 1,300,000 1,301,846 0.32Santander Consumer Finance 0.750% 03/04/2019 1,400,000 1,413,412 0.34Santander Consumer Finance 0.900% 18/02/2020 1,400,000 1,423,940 0.35Santander Consumer Finance 1.500% 12/11/2020 1,200,000 1,245,636 0.30Santander Consumer Finance 1.000% 26/05/2021 1,600,000 1,636,528 0.40Santander Consumer Finance 0.875% 24/01/2022 2,100,000 2,129,694 0.52

Electric (5.27%) E.ON 0.375% 23/08/2021 1,100,000 1,107,546 0.27EDP Finance 2.625% 15/04/2019 870,000 899,719 0.22EDP Finance 4.875% 14/09/2020 1,175,000 1,326,411 0.32EDP Finance 4.125% 20/01/2021 800,000 896,168 0.22EDP Finance 2.625% 18/01/2022 1,200,000 1,309,428 0.32Elenia Finance 2.875% 17/12/2020 584,000 626,667 0.15Enel 5.000% 15/01/2075 1,500,000 1,628,970 0.40Engie 1.375% 19/05/2020 1,800,000 1,859,238 0.45Engie 0.500% 13/03/2022 900,000 909,765 0.22Engie 3.000% Perpetual 1,300,000 1,346,358 0.33Engie 4.750% Perpetual 1,000,000 1,132,710 0.28



310


NominalMarket

Value EUR % of

Net Assets

Electric (5.27%) (continued) Gas Natural Fenosa Finance 3.500% 15/04/2021 600,000 665,028 0.16Gas Natural Fenosa Finance 3.875% 11/04/2022 1,100,000 1,264,670 0.31Iberdrola International 2.875% 11/11/2020 800,000 863,888 0.21Iberdrola International 3.500% 01/02/2021 2,000,000 2,207,200 0.54Iberdrola International 3.000% 31/01/2022 600,000 665,934 0.16Iberdrola International 2.500% 24/10/2022 900,000 989,784 0.24innogy Finance 1.875% 30/01/2020 800,000 830,752 0.20Terna Rete Elettrica Nazionale 0.875% 02/02/2022 1,100,000 1,126,367 0.27

Electrical Components & Equipment (0.16%) Schneider Electric 2.500% 06/09/2021 600,000 650,334 0.16

Engineering & Construction (0.51%) Brussels Airport 3.250% 01/07/2020 600,000 646,068 0.16Ferrovial Emisiones 3.375% 07/06/2021 500,000 553,340 0.13Ferrovial Emisiones 0.375% 14/09/2022 900,000 894,879 0.22

Food (2.52%) Auchan Holding 1.750% 23/04/2021 1,000,000 1,052,060 0.26Auchan Holding 0.625% 07/02/2022 800,000 807,496 0.20Carrefour 1.750% 22/05/2019 1,329,000 1,363,075 0.33Carrefour 1.750% 15/07/2022 1,300,000 1,374,347 0.33Danone 1.375% 10/06/2019 300,000 306,516 0.07Danone 0.167% 03/11/2020 1,700,000 1,706,885 0.42Danone 2.250% 15/11/2021 1,300,000 1,398,215 0.34Danone 0.424% 03/11/2022 1,500,000 1,503,645 0.37Sodexo 1.750% 24/01/2022 800,000 844,048 0.20

Gas (0.96%) Enagas Financiaciones 2.500% 11/04/2022 800,000 876,432 0.21Italgas 0.500% 19/01/2022 800,000 805,824 0.20NorteGas Energia Distribucion 0.918% 28/09/2022 500,000 502,980 0.12Redexis Gas Finance 2.750% 08/04/2021 900,000 962,082 0.23Snam 25/10/2020 (zero coupon) 800,000 798,808 0.20

Healthcare Products (0.15%) Essilor International 1.750% 09/04/2021 600,000 629,490 0.15

Healthcare Services (0.41%) Fresenius & Co 2.875% 15/07/2020 700,000 748,090 0.18Fresenius Finance Ireland 0.875% 31/01/2022 900,000 915,480 0.23

Home Furnishings (0.15%) BSH Hausgerate 1.875% 13/11/2020 600,000 630,900 0.15

Household Products (0.32%) Henkel & Co 13/09/2021 (zero coupon) 1,300,000 1,298,297 0.32

Insurance (1.85%) Achmea 2.500% 19/11/2020 1,000,000 1,065,960 0.26Allianz Finance II - DE 21/04/2020 (zero coupon) 500,000 501,540 0.12Allianz Finance II - LU 21/04/2020 (zero coupon) 500,000 501,540 0.12Assicurazioni Generali 2.875% 14/01/2020 1,800,000 1,904,292 0.46CNP Assurances 1.875% 20/10/2022 1,300,000 1,371,747 0.34NN Group 1.000% 18/03/2022 800,000 821,552 0.20Sampo 1.125% 24/05/2019 1,000,000 1,017,580 0.25Sampo 1.500% 16/09/2021 400,000 418,200 0.10

Investment Companies (0.78%) EXOR 2.125% 02/12/2022 1,000,000 1,066,570 0.26JAB Holdings 1.500% 24/11/2021 1,200,000 1,255,536 0.31JAB Holdings 2.125% 16/09/2022 800,000 858,136 0.21

Lodging (0.26%) Accor 2.625% 05/02/2021 1,000,000 1,070,240 0.26



311


NominalMarket

Value EUR % of

Net Assets

Machinery - Diversified (0.50%) CNH Industrial Finance Europe 2.750% 18/03/2019 2,000,000 2,064,760 0.50

Media (0.66%) Bertelsmann & Co 0.250% 26/05/2021 600,000 602,454 0.15TDF Infrastructure 2.875% 19/10/2022 900,000 981,063 0.24Vivendi 0.750% 26/05/2021 1,100,000 1,116,390 0.27

Miscellaneous Manufacturers (0.39%) Siemens Financieringsmaatschappij 1.750% 12/03/2021 1,500,000 1,583,175 0.39

Oil & Gas (5.68%) Eni 2.625% 22/11/2021 1,100,000 1,202,575 0.29Eni 0.750% 17/05/2022 1,000,000 1,020,240 0.25OMV 1.750% 25/11/2019 600,000 621,060 0.15OMV 5.250% Perpetual 1,050,000 1,194,648 0.29Repsol International Finance 2.625% 28/05/2020 1,800,000 1,909,008 0.46Repsol International Finance 2.125% 16/12/2020 800,000 846,840 0.21Repsol International Finance 3.625% 07/10/2021 1,200,000 1,351,092 0.33Repsol International Finance 0.500% 23/05/2022 700,000 703,262 0.17Shell International Finance 1.625% 24/03/2021 1,050,000 1,104,001 0.27Shell International Finance 1.250% 15/03/2022 2,000,000 2,092,460 0.51Shell International Finance 1.000% 06/04/2022 1,500,000 1,553,970 0.38Total 2.250% Perpetual 3,300,000 3,448,302 0.84Total 3.875% Perpetual 2,500,000 2,803,225 0.68Total Capital Canada 1.875% 09/07/2020 700,000 733,551 0.18Total Capital Canada 1.125% 18/03/2022 1,100,000 1,140,909 0.28Total Capital International 2.125% 19/11/2021 1,500,000 1,614,465 0.39

Oil & Gas Services (0.15%) Schlumberger Finance 1.500% 04/03/2019 600,000 611,514 0.15

Pharmaceuticals & Biotechnology (3.74%) Bayer 1.875% 25/01/2021 1,000,000 1,052,840 0.26Bayer 2.375% 02/04/2075 1,500,000 1,545,360 0.38Bayer 2.375% 02/04/2075 500,000 515,120 0.12Bayer 3.000% 01/07/2075 2,200,000 2,309,912 0.56Merck 2.625% 12/12/2074 1,300,000 1,377,220 0.33Merck Financial Services 0.750% 02/09/2019 1,200,000 1,215,084 0.30Merck Financial Services 1.375% 01/09/2022 700,000 735,469 0.18Sanofi 05/04/2019 (zero coupon) 600,000 601,584 0.15Sanofi 13/01/2020 (zero coupon) 1,200,000 1,202,628 0.29Sanofi 1.875% 04/09/2020 1,800,000 1,883,017 0.46Sanofi 0.875% 22/09/2021 700,000 718,088 0.17Sanofi 1.125% 10/03/2022 1,000,000 1,036,440 0.25Sanofi 13/09/2022 (zero coupon) 1,200,000 1,184,916 0.29

Pipelines (0.20%) Vier Gas Transport 2.000% 12/06/2020 800,000 838,128 0.20

Real Estate (2.61%) ATF Netherlands 1.500% 03/05/2022 800,000 827,224 0.20Citycon 3.750% 24/06/2020 534,000 580,527 0.14Deutsche Wohnen 1.375% 24/07/2020 600,000 618,660 0.15Vonovia Finance 3.125% 25/07/2019 400,000 419,976 0.10Vonovia Finance 0.875% 30/03/2020 600,000 610,416 0.15Vonovia Finance 1.625% 15/12/2020 2,000,000 2,084,240 0.51Vonovia Finance 3.625% 08/10/2021 600,000 673,350 0.16Vonovia Finance 0.750% 25/01/2022 1,200,000 1,215,216 0.30Vonovia Finance 0.875% 10/06/2022 1,300,000 1,319,864 0.32Vonovia Finance 4.000% Perpetual 1,300,000 1,421,771 0.35Vonovia Finance 4.625% 08/04/2074 900,000 941,940 0.23

Real Estate Investment Trusts (0.83%) ICADE 1.875% 14/09/2022 800,000 850,312 0.21Merlin Properties Socimi 2.375% 23/05/2022 1,100,000 1,168,519 0.28Societe Fonciere Lyonnaise 1.875% 26/11/2021 800,000 842,096 0.21Societe Fonciere Lyonnaise 2.250% 16/11/2022 500,000 534,990 0.13



312


NominalMarket

Value EUR % of

Net Assets

Retail (0.51%) Kering 2.500% 15/07/2020 500,000 531,315 0.13Kering 1.375% 01/10/2021 600,000 626,226 0.15Kering 0.875% 28/03/2022 900,000 920,970 0.23

Semiconductors (0.35%) ASML Holding 0.625% 07/07/2022 700,000 708,988 0.17Infineon Technologies 1.500% 10/03/2022 700,000 733,362 0.18

Software (0.52%) Amadeus Capital Markets 19/05/2019 (zero coupon) 600,000 600,474 0.15Amadeus Capital Markets 0.125% 06/10/2020 800,000 799,712 0.19Amadeus Capital Markets 1.625% 17/11/2021 700,000 733,887 0.18

Telecommunications (5.13%) Deutsche Telekom International Finance 2.125% 18/01/2021 1,500,000 1,592,100 0.39Deutsche Telekom International Finance 0.250% 19/04/2021 400,000 401,744 0.10Deutsche Telekom International Finance 0.375% 30/10/2021 1,800,000 1,810,584 0.44Eutelsat 2.625% 13/01/2020 1,200,000 1,253,964 0.30Eutelsat 1.125% 23/06/2021 800,000 822,168 0.20O2 Telefonica Deutschland Finanzierungs 2.375% 10/02/2021 700,000 747,558 0.18Orange 1.875% 02/10/2019 1,000,000 1,034,950 0.25Orange 4.250% Perpetual 1,200,000 1,289,292 0.31Orange 4.000% Perpetual 1,400,000 1,548,120 0.38Telefonica Emisiones 2.736% 29/05/2019 900,000 935,172 0.23Telefonica Emisiones 0.318% 17/10/2020 1,700,000 1,709,843 0.42Telefonica Emisiones 3.961% 26/03/2021 1,300,000 1,458,093 0.35Telefonica Emisiones 1.477% 14/09/2021 1,400,000 1,462,608 0.36Telefonica Emisiones 0.750% 13/04/2022 1,500,000 1,520,760 0.37Telefonica Emisiones 2.242% 27/05/2022 2,200,000 2,374,020 0.58Telekom Finanzmanagement 3.125% 03/12/2021 1,000,000 1,111,700 0.27

Transportation (0.25%) Deutsche Post 0.375% 01/04/2021 1,000,000 1,009,000 0.25

Water (0.93%) FCC Aqualia 1.413% 08/06/2022 800,000 818,072 0.20Suez 3.000% Perpetual 900,000 948,627 0.23Suez 2.500% Perpetual 500,000 527,360 0.13Veolia Environnement 23/11/2020 (zero coupon) 300,000 299,445 0.07Veolia Environnement 0.672% 30/03/2022 1,200,000 1,215,192 0.30 Total Corporate Bonds 406,014,014 98.86 TOTAL INVESTMENTS (Cost EUR 403,913,827) 406,014,014 98.86





EUR % of Net Assets

CHF 5,240,000 EUR 4,478,345 03 January 2018 (401) (0.00)USD 1,085,000 EUR 907,938 03 January 2018 (4,374) (0.00) Total Forward Foreign Exchange Contracts (4,775) (0.00)

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF Annual report as of 31 December 2017


313


NominalMarket

Value USD % of

Net Assets

Corporate Bonds

Aerospace & Defense (1.52%) Northrop Grumman 2.080% 15/10/2020 2,700,000 2,677,833 0.25Northrop Grumman 2.550% 15/10/2022 6,300,000 6,252,561 0.59Rockwell Collins 2.800% 15/03/2022 4,000,000 4,001,760 0.37United Technologies 1.900% 04/05/2020 3,300,000 3,267,924 0.31

Agriculture (0.35%) Philip Morris International 2.000% 21/02/2020 3,750,000 3,726,075 0.35

Airlines (0.48%) Delta Air Lines 3.625% 15/03/2022 5,000,000 5,085,350 0.48

Auto Manufacturers (3.14%) General Motors Financial 2.400% 09/05/2019 6,500,000 6,494,540 0.61General Motors Financial 3.150% 15/01/2020 1,000,000 1,011,280 0.10General Motors Financial 2.650% 13/04/2020 5,500,000 5,502,640 0.52General Motors Financial 3.700% 24/11/2020 500,000 513,135 0.05General Motors Financial 4.200% 01/03/2021 5,750,000 5,982,012 0.56General Motors Financial 3.200% 06/07/2021 6,000,000 6,058,800 0.57General Motors Financial 3.450% 14/01/2022 7,150,000 7,243,951 0.68General Motors Financial 3.150% 30/06/2022 500,000 500,240 0.05

Banks (23.16%) Bank of America 2.151% 09/11/2020 2,250,000 2,245,635 0.21Bank of America 2.625% 19/04/2021 6,900,000 6,934,983 0.65Bank of America 2.503% 21/10/2022 5,500,000 5,440,985 0.51Bank of New York Mellon 2.500% 15/04/2021 2,000,000 2,004,340 0.19Bank of New York Mellon 2.050% 03/05/2021 5,200,000 5,135,416 0.48Bank of New York Mellon 2.600% 07/02/2022 3,800,000 3,804,560 0.36BB&T 2.050% 10/05/2021 4,250,000 4,188,120 0.39BB&T 2.750% 01/04/2022 3,500,000 3,525,585 0.33Capital One Financial 2.500% 12/05/2020 4,500,000 4,496,715 0.42Citigroup 2.050% 07/06/2019 2,000,000 1,993,800 0.19Citigroup 2.450% 10/01/2020 4,200,000 4,201,932 0.40Citigroup 2.400% 18/02/2020 525,000 524,412 0.05Citigroup 2.650% 26/10/2020 2,000,000 2,005,740 0.19Citigroup 2.700% 30/03/2021 7,500,000 7,524,975 0.71Citigroup 2.350% 02/08/2021 5,000,000 4,944,900 0.47Citigroup 2.900% 08/12/2021 11,300,000 11,358,873 1.07Citigroup 2.750% 25/04/2022 5,700,000 5,686,092 0.53Goldman Sachs Group 2.300% 13/12/2019 5,100,000 5,089,290 0.48Goldman Sachs Group 2.600% 27/12/2020 11,000,000 11,013,420 1.04Goldman Sachs Group 2.875% 25/02/2021 6,050,000 6,093,076 0.57Goldman Sachs Group 2.625% 25/04/2021 4,950,000 4,947,277 0.47Goldman Sachs Group 2.350% 15/11/2021 5,450,000 5,365,580 0.50Goldman Sachs Group 3.000% 26/04/2022 9,900,000 9,936,828 0.94JPMorgan Chase & Co 1.850% 22/03/2019 5,200,000 5,181,436 0.49JPMorgan Chase & Co 2.550% 01/03/2021 7,150,000 7,152,217 0.67JPMorgan Chase & Co 2.295% 15/08/2021 13,900,000 13,768,089 1.30Morgan Stanley 2.450% 01/02/2019 5,700,000 5,712,141 0.54Morgan Stanley 2.500% 21/04/2021 7,900,000 7,870,770 0.74Morgan Stanley 2.625% 17/11/2021 13,400,000 13,334,340 1.26Morgan Stanley 2.750% 19/05/2022 12,000,000 11,952,000 1.12Regions Financial 3.200% 08/02/2021 4,400,000 4,476,164 0.42Regions Financial 2.750% 14/08/2022 3,000,000 2,984,970 0.28Santander Holdings USA 2.700% 24/05/2019 2,764,000 2,768,505 0.26SunTrust Bank 2.450% 01/08/2022 3,000,000 2,963,160 0.28SunTrust Banks 2.900% 03/03/2021 3,900,000 3,943,017 0.37SunTrust Banks 2.700% 27/01/2022 2,000,000 1,998,260 0.19US Bancorp 2.350% 29/01/2021 4,750,000 4,750,855 0.45US Bancorp 2.625% 24/01/2022 4,500,000 4,522,860 0.43Wells Fargo & Co 2.500% 04/03/2021 10,350,000 10,344,307 0.97Wells Fargo & Co 2.100% 26/07/2021 10,050,000 9,887,089 0.93Wells Fargo & Co 2.625% 22/07/2022 14,000,000 13,918,520 1.31



314


NominalMarket

Value USD % of

Net Assets

Beverages (5.20%) Anheuser-Busch InBev Finance 1.900% 01/02/2019 14,200,000 14,171,032 1.34Anheuser-Busch InBev Finance 2.650% 01/02/2021 27,650,000 27,812,029 2.62Coca-Cola 1.375% 30/05/2019 4,400,000 4,363,436 0.41Coca-Cola 1.550% 01/09/2021 2,500,000 2,438,850 0.23Molson Coors Brewing 2.100% 15/07/2021 3,350,000 3,282,095 0.31PepsiCo 2.150% 14/10/2020 3,125,000 3,118,563 0.29

Chemicals (1.25%) EI du Pont de Nemours & Co 2.200% 01/05/2020 4,500,000 4,493,970 0.42Sherwin-Williams 2.250% 15/05/2020 4,800,000 4,785,936 0.45Sherwin-Williams 2.750% 01/06/2022 4,000,000 3,988,280 0.38

Computers (1.54%) Hewlett Packard Enterprise 3.600% 15/10/2020 11,900,000 12,151,566 1.14Hewlett Packard Enterprise 4.400% 15/10/2022 4,000,000 4,202,320 0.40

Cosmetics & Personal Care (0.37%) Procter & Gamble 2.150% 11/08/2022 4,000,000 3,955,360 0.37

Diversified Financial Services (3.76%) American Express 2.200% 30/10/2020 5,500,000 5,457,980 0.51American Express 2.500% 01/08/2022 9,000,000 8,891,010 0.84American Express Credit 1.875% 03/05/2019 4,000,000 3,983,520 0.38American Express Credit 2.200% 03/03/2020 4,500,000 4,486,680 0.42American Express Credit 2.600% 14/09/2020 4,450,000 4,476,344 0.42American Express Credit 2.250% 05/05/2021 5,900,000 5,846,723 0.55American Express Credit 2.700% 03/03/2022 5,000,000 5,018,200 0.47Visa 2.200% 14/12/2020 1,815,000 1,813,403 0.17

Electric (1.58%) Dominion Energy 2.579% 01/07/2020 4,000,000 3,998,880 0.38Exelon 3.497% 01/06/2022 4,000,000 4,073,120 0.38Southern 1.850% 01/07/2019 5,095,000 5,061,526 0.48Southern 2.350% 01/07/2021 3,700,000 3,670,178 0.34

Electronics (0.85%) Honeywell International 1.400% 30/10/2019 3,950,000 3,903,904 0.37Honeywell International 1.850% 01/11/2021 5,200,000 5,100,004 0.48

Healthcare Products (3.21%) Abbott Laboratories 2.350% 22/11/2019 8,950,000 8,953,401 0.84Abbott Laboratories 2.900% 30/11/2021 10,955,000 11,068,274 1.04Becton Dickinson & Co 2.404% 05/06/2020 2,600,000 2,584,998 0.24Becton Dickinson & Co 2.894% 06/06/2022 6,858,000 6,813,286 0.64Medtronic Global Holdings 1.700% 28/03/2019 4,750,000 4,728,340 0.45

Household Products (0.27%) Newell Brands 3.150% 01/04/2021 2,850,000 2,880,695 0.27

Insurance (1.55%) American International Group 3.300% 01/03/2021 5,950,000 6,067,750 0.57Berkshire Hathaway 2.200% 15/03/2021 3,700,000 3,685,755 0.35Berkshire Hathaway Finance 1.700% 15/03/2019 5,271,000 5,251,023 0.49Berkshire Hathaway Finance 1.300% 15/08/2019 1,500,000 1,482,105 0.14

Machinery - Construction & Mining (0.38%) Caterpillar Financial Services 2.100% 10/01/2020 4,000,000 3,990,880 0.38

Oil & Gas (2.59%) Chevron 1.561% 16/05/2019 4,100,000 4,075,482 0.38Chevron 2.100% 16/05/2021 5,200,000 5,164,328 0.49ConocoPhillips 4.200% 15/03/2021 3,663,000 3,849,703 0.36Exxon Mobil 1.708% 01/03/2019 6,750,000 6,731,505 0.63Exxon Mobil 2.222% 01/03/2021 7,750,000 7,743,568 0.73



315


NominalMarket

Value USD % of

Net Assets

Pharmaceuticals & Biotechnology (5.35%) AbbVie 2.300% 14/05/2021 6,210,000 6,167,524 0.58Cardinal Health 2.616% 15/06/2022 5,400,000 5,308,578 0.50Gilead Sciences 2.550% 01/09/2020 3,100,000 3,126,784 0.29Johnson & Johnson 1.650% 01/03/2021 2,700,000 2,654,667 0.25Johnson & Johnson 2.250% 03/03/2022 5,000,000 4,991,650 0.47Pfizer 1.700% 15/12/2019 3,000,000 2,982,060 0.28Pfizer 1.950% 03/06/2021 3,650,000 3,610,361 0.34Pfizer 2.200% 15/12/2021 5,200,000 5,172,284 0.49Shire Acquisitions Investments Ireland 1.900% 23/09/2019 9,700,000 9,609,693 0.90Shire Acquisitions Investments Ireland 2.400% 23/09/2021 13,450,000 13,228,075 1.25

Retail (1.08%) CVS Health 2.125% 01/06/2021 7,200,000 7,035,048 0.66Home Depot 2.000% 01/04/2021 4,450,000 4,409,194 0.42

Software (2.40%) Oracle 1.900% 15/09/2021 15,750,000 15,489,968 1.46VMware 2.300% 21/08/2020 5,000,000 4,969,400 0.47VMware 2.950% 21/08/2022 5,000,000 4,988,300 0.47

Telecommunications (4.19%) AT&T 5.200% 15/03/2020 3,500,000 3,699,605 0.35AT&T 2.800% 17/02/2021 7,000,000 7,029,820 0.66AT&T 5.000% 01/03/2021 5,700,000 6,103,332 0.57AT&T 3.200% 01/03/2022 3,750,000 3,791,025 0.36AT&T 3.800% 15/03/2022 6,400,000 6,616,064 0.62Verizon Communications 2.946% 15/03/2022 10,193,000 10,263,230 0.97Verizon Communications 3.125% 16/03/2022 6,900,000 6,997,704 0.66 Total Corporate Bonds 682,169,703 64.22

Transferable securities and money market instruments dealt in another regulated market

Corporate Bonds

Banks (12.52%) Bank of America 2.369% 21/07/2021 8,500,000 8,481,300 0.80Bank of America 2.328% 01/10/2021 8,000,000 7,969,040 0.75Bank of America 3.124% 20/01/2023 4,400,000 4,460,720 0.42Bank of America 2.881% 24/04/2023 5,000,000 5,009,000 0.47Bank of America 2.816% 21/07/2023 8,000,000 7,982,800 0.75Bank of America 3.004% 20/12/2023 16,500,000 16,536,960 1.56Bank of New York Mellon 2.661% 16/05/2023 5,900,000 5,883,775 0.55BB&T 2.150% 01/02/2021 4,500,000 4,456,305 0.42Citigroup 2.876% 24/07/2023 17,000,000 16,904,120 1.59Goldman Sachs Group 2.876% 31/10/2022 16,000,000 15,943,680 1.50Goldman Sachs Group 2.908% 05/06/2023 6,000,000 5,955,660 0.56Goldman Sachs Group 2.905% 24/07/2023 8,500,000 8,429,365 0.79Huntington Bancshares 3.150% 14/03/2021 2,302,000 2,338,855 0.22Huntington Bancshares 2.300% 14/01/2022 4,250,000 4,180,937 0.39JPMorgan Chase & Co 2.776% 25/04/2023 7,000,000 6,990,130 0.66Santander Holdings USA 3.700% 28/03/2022 5,500,000 5,572,875 0.53SunTrust Bank 2.250% 31/01/2020 5,900,000 5,889,911 0.56

Beverages (0.09%) PepsiCo 2.000% 15/04/2021 1,000,000 990,490 0.09

Computers (7.70%) Apple 1.700% 22/02/2019 6,080,000 6,062,976 0.57Apple 1.100% 02/08/2019 2,000,000 1,971,380 0.19Apple 1.800% 13/11/2019 5,000,000 4,979,500 0.47Apple 1.900% 07/02/2020 3,700,000 3,683,313 0.35Apple 2.000% 06/05/2020 2,950,000 2,941,622 0.28Apple 2.000% 13/11/2020 3,500,000 3,477,740 0.33Apple 2.250% 23/02/2021 7,900,000 7,886,886 0.74Apple 1.550% 04/08/2021 7,800,000 7,576,686 0.71



316

Schedule of Investments as at 31 December 2017 (Expressed in USD) Transferable securities and money market instruments dealt in another regulated market

NominalMarket

Value USD % of

Net Assets

Computers (7.70%) (continued) Apple 2.500% 09/02/2022 4,200,000 4,204,998 0.40Apple 2.300% 11/05/2022 2,500,000 2,480,500 0.23Apple 2.100% 12/09/2022 6,000,000 5,886,120 0.55Dell International via EMC 3.480% 01/06/2019 13,000,000 13,160,810 1.24Dell International via EMC 4.420% 15/06/2021 16,770,000 17,467,464 1.64

Food (0.50%) Kraft Heinz Foods 2.800% 02/07/2020 5,300,000 5,329,468 0.50

Internet (0.42%) Amazon.com 1.900% 21/08/2020 4,500,000 4,466,160 0.42

Media (1.81%) Charter Communications Operating Via Charter Communications Operating Capital 3.579% 23/07/2020 6,550,000 6,666,917 0.63Charter Communications Operating Via Charter Communications Operating Capital 4.464% 23/07/2022 12,000,000 12,538,080 1.18

Oil & Gas Services (0.38%) Barker Hughes 2.773% 15/12/2022 4,000,000 3,994,440 0.38

Pharmaceuticals & Biotechnology (1.15%) Amgen 2.650% 11/05/2022 5,000,000 4,984,150 0.47Mylan 3.150% 15/06/2021 7,200,000 7,236,864 0.68

Retail (1.31%) Costco Wholesale 2.150% 18/05/2021 3,500,000 3,481,135 0.33Wal-Mart Stores 1.900% 15/12/2020 9,000,000 8,940,690 0.84Wal-Mart Stores 2.350% 15/12/2022 1,500,000 1,493,790 0.14

Semiconductors (3.36%) Broadcom Via Broadcom Cayman Finance 2.375% 15/01/2020 9,300,000 9,235,923 0.87Broadcom Via Broadcom Cayman Finance 3.000% 15/01/2022 11,100,000 11,004,096 1.04Intel 1.850% 11/05/2020 3,000,000 2,984,880 0.28NVIDIA 2.200% 16/09/2021 3,600,000 3,563,856 0.34QUALCOMM 1.850% 20/05/2019 5,000,000 4,979,400 0.47QUALCOMM 2.250% 20/05/2020 3,900,000 3,875,664 0.36

Software (2.86%) Microsoft 1.100% 08/08/2019 8,500,000 8,386,440 0.79Microsoft 1.850% 06/02/2020 6,900,000 6,869,019 0.64Microsoft 1.550% 08/08/2021 8,400,000 8,181,180 0.77Microsoft 2.400% 06/02/2022 7,000,000 7,000,140 0.66

Telecommunications (2.33%) Cisco Systems 1.600% 28/02/2019 2,800,000 2,787,512 0.26Cisco Systems 1.400% 20/09/2019 4,800,000 4,748,016 0.45Cisco Systems 2.200% 28/02/2021 8,100,000 8,069,625 0.76Cisco Systems 1.850% 20/09/2021 9,300,000 9,125,904 0.86 Total Corporate Bonds 365,699,267 34.43 TOTAL INVESTMENTS (Cost USD 1,053,092,842) 1,047,868,970 98.65


TOTAL NET ASSETS 1,062,176,602 100.00 Forward Foreign Exchange Contracts



USD % of Net Assets

CHF 195,215,000 USD 199,379,031 03 January 2018 944,212 0.09CHF 2,965,000 USD 3,019,192 03 January 2018 23,394 0.00CHF 12,480,000 USD 12,673,229 03 January 2018 133,339 0.01CHF 2,970,000 USD 3,015,216 03 January 2018 32,501 0.00CHF 2,375,000 USD 2,417,278 03 January 2018 19,869 0.00



317




USD % of Net Assets

CHF 5,660,000 USD 5,738,299 03 January 2018 69,808 0.01EUR 404,985,000 USD 483,963,555 03 January 2018 2,342,520 0.22EUR 2,565,000 USD 3,041,336 03 January 2018 38,717 0.00EUR 2,560,000 USD 3,021,263 03 January 2018 52,785 0.01GBP 158,030,000 USD 214,205,398 03 January 2018 (430,347) (0.04)GBP 2,455,000 USD 3,316,258 03 January 2018 4,743 0.00GBP 2,270,000 USD 3,035,181 03 January 2018 35,561 0.00USD 3,028,303 EUR 2,550,000 03 January 2018 (33,737) (0.00)USD 3,032,135 EUR 2,570,000 03 January 2018 (53,922) (0.00)USD 12,153,852 EUR 10,265,000 03 January 2018 (172,362) (0.02)USD 6,053,383 EUR 5,115,000 03 January 2018 (88,711) (0.01)USD 2,422,440 GBP 1,805,000 03 January 2018 (19,274) (0.00) Total Forward Foreign Exchange Contracts 2,899,096 0.27

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITSETF

Annual report as of 31 December 2017


318


QuantityMarket

Value USD % of

Net Assets

Funds

Debt Funds (96.88%) UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF - Class (USD) A-dis 1,272,388 21,447,889 96.88 Total Funds 21,447,889 96.88 TOTAL INVESTMENTS (Cost USD 21,095,581) 21,447,889 96.88


TOTAL NET ASSETS 22,137,962 100.00 Future Contracts

Underlying Counterparty Gross exposure Quantity


USD% of NetAssets

US 2-Year Note Futures 29/03/2018 UBS AG London (2,569,312) (12) 5,812 0.03US 5-Year Note Futures 29/03/2018 UBS AG London (4,181,906) (36) 24,188 0.11US Long Bond Futures 20/03/2018 UBS AG London (4,131,000) (27) 9,281 0.04US 10-Year Note Futures 20/03/2018 UBS AG London (4,093,547) (33) 29,906 0.13US Ultra Bond Futures 20/03/2018 UBS AG London (3,856,094) (23) (22,281) (0.10)

Total Future Contracts (18,831,859) (131) 46,906 0.21

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF Annual report as of 31 December 2017


319


NominalMarket

Value USD % of

Net Assets

Corporate Bonds

Advertising (0.15%) Omnicom Group 3.600% 15/04/2026 1,500,000 1,513,140 0.15

Aerospace & Defense (1.95%) Lockheed Martin 4.700% 15/05/2046 1,200,000 1,401,528 0.14Northrop Grumman 2.550% 15/10/2022 2,000,000 1,984,940 0.20Northrop Grumman 2.930% 15/01/2025 3,000,000 2,979,660 0.30Northrop Grumman 3.250% 15/01/2028 1,000,000 1,001,710 0.10Northrop Grumman 4.030% 15/10/2047 1,950,000 2,035,235 0.21Rockwell Collins 2.800% 15/03/2022 2,250,000 2,250,990 0.23Rockwell Collins 3.500% 15/03/2027 1,000,000 1,016,670 0.10Rockwell Collins 4.350% 15/04/2047 1,050,000 1,143,723 0.12United Technologies 1.900% 04/05/2020 2,000,000 1,980,560 0.20United Technologies 2.650% 01/11/2026 750,000 722,970 0.07United Technologies 3.125% 04/05/2027 1,900,000 1,899,297 0.19United Technologies 3.750% 01/11/2046 900,000 897,687 0.09

Agriculture (0.34%) Altria Group 3.875% 16/09/2046 1,400,000 1,392,706 0.14Archer-Daniels-Midland 2.500% 11/08/2026 750,000 714,105 0.07Philip Morris International 2.000% 21/02/2020 1,250,000 1,242,025 0.13

Airlines (0.26%) Delta Air Lines 3.625% 15/03/2022 2,500,000 2,542,675 0.26

Apparel (0.07%) NIKE 2.375% 01/11/2026 750,000 713,895 0.07

Auto Manufacturers (1.76%) Ford Motor 4.346% 08/12/2026 1,600,000 1,671,392 0.17Ford Motor 5.291% 08/12/2046 1,350,000 1,468,841 0.15General Motors 6.600% 01/04/2036 1,400,000 1,705,452 0.17General Motors 5.150% 01/04/2038 700,000 746,319 0.07General Motors Financial 3.700% 24/11/2020 1,000,000 1,026,270 0.10General Motors Financial 4.200% 01/03/2021 4,150,000 4,317,452 0.44General Motors Financial 3.450% 14/01/2022 750,000 759,855 0.08General Motors Financial 3.950% 13/04/2024 1,800,000 1,853,136 0.19General Motors Financial 5.250% 01/03/2026 1,592,000 1,747,889 0.18General Motors Financial 4.350% 17/01/2027 2,000,000 2,080,620 0.21

Banks (14.65%) Bank of America 2.625% 19/04/2021 2,400,000 2,412,168 0.24Bank of America 2.503% 21/10/2022 1,500,000 1,483,905 0.15Bank of America 3.950% 21/04/2025 1,686,000 1,742,768 0.18Bank of America 4.450% 03/03/2026 700,000 747,313 0.08Bank of America 3.500% 19/04/2026 890,000 910,844 0.09Bank of America 3.248% 21/10/2027 2,400,000 2,378,328 0.24Bank of America 4.183% 25/11/2027 1,650,000 1,722,320 0.17Bank of New York Mellon 2.500% 15/04/2021 1,000,000 1,002,170 0.10Bank of New York Mellon 2.050% 03/05/2021 2,600,000 2,567,708 0.26Bank of New York Mellon 2.200% 16/08/2023 350,000 339,192 0.04BB&T 2.050% 10/05/2021 1,600,000 1,576,704 0.16BB&T 2.750% 01/04/2022 1,600,000 1,611,696 0.16Capital One Financial 2.500% 12/05/2020 1,500,000 1,498,905 0.15Capital One Financial 3.750% 28/07/2026 2,050,000 2,040,836 0.21Capital One Financial 3.750% 09/03/2027 1,400,000 1,413,776 0.14Citigroup 2.050% 07/06/2019 8,000,000 7,975,200 0.81Citigroup 2.700% 30/03/2021 1,500,000 1,504,995 0.15Citigroup 2.350% 02/08/2021 1,925,000 1,903,786 0.19Citigroup 2.900% 08/12/2021 2,800,000 2,814,588 0.29Citigroup 2.750% 25/04/2022 2,100,000 2,094,876 0.21Citigroup 3.700% 12/01/2026 1,600,000 1,645,232 0.17Citigroup 4.600% 09/03/2026 1,250,000 1,332,725 0.14Citigroup 3.400% 01/05/2026 1,350,000 1,358,654 0.14Citigroup 3.200% 21/10/2026 2,300,000 2,281,945 0.23Citigroup 4.125% 25/07/2028 2,700,000 2,785,698 0.28



320


NominalMarket

Value USD % of

Net Assets

Banks (14.65%) (continued) Citigroup 5.300% 06/05/2044 725,000 855,319 0.09Citigroup 4.750% 18/05/2046 950,000 1,051,080 0.11Goldman Sachs Group 2.300% 13/12/2019 2,000,000 1,995,800 0.20Goldman Sachs Group 2.875% 25/02/2021 1,000,000 1,007,120 0.10Goldman Sachs Group 2.625% 25/04/2021 1,850,000 1,848,982 0.19Goldman Sachs Group 2.350% 15/11/2021 1,500,000 1,476,765 0.15Goldman Sachs Group 3.000% 26/04/2022 6,450,000 6,473,994 0.66Goldman Sachs Group 3.750% 25/02/2026 1,750,000 1,796,462 0.18Goldman Sachs Group 3.500% 16/11/2026 2,300,000 2,309,545 0.23Goldman Sachs Group 3.850% 26/01/2027 3,400,000 3,490,848 0.35Goldman Sachs Group 4.750% 21/10/2045 1,450,000 1,657,539 0.17JPMorgan Chase & Co 1.850% 22/03/2019 3,500,000 3,487,505 0.35JPMorgan Chase & Co 2.550% 01/03/2021 1,900,000 1,900,589 0.19JPMorgan Chase & Co 2.972% 15/01/2023 1,500,000 1,509,930 0.15JPMorgan Chase & Co 2.700% 18/05/2023 1,700,000 1,687,794 0.17JPMorgan Chase & Co 3.200% 15/06/2026 1,800,000 1,798,056 0.18JPMorgan Chase & Co 2.950% 01/10/2026 2,600,000 2,553,434 0.26JPMorgan Chase & Co 4.250% 01/10/2027 750,000 797,070 0.08Morgan Stanley 2.450% 01/02/2019 2,500,000 2,505,325 0.25Morgan Stanley 2.500% 21/04/2021 2,500,000 2,490,750 0.25Morgan Stanley 2.625% 17/11/2021 1,000,000 995,100 0.10Morgan Stanley 2.750% 19/05/2022 5,500,000 5,478,000 0.55Morgan Stanley 3.875% 27/01/2026 700,000 727,587 0.07Morgan Stanley 3.125% 27/07/2026 3,250,000 3,201,607 0.32Morgan Stanley 3.625% 20/01/2027 4,700,000 4,809,040 0.49Morgan Stanley 4.300% 27/01/2045 1,225,000 1,320,685 0.13Morgan Stanley 4.375% 22/01/2047 1,000,000 1,097,790 0.11Regions Financial 3.200% 08/02/2021 3,000,000 3,051,930 0.31SunTrust Bank 2.450% 01/08/2022 2,000,000 1,975,440 0.20SunTrust Banks 2.900% 03/03/2021 600,000 606,618 0.06SunTrust Banks 2.700% 27/01/2022 1,800,000 1,798,434 0.18US Bancorp 2.350% 29/01/2021 900,000 900,162 0.09US Bancorp 2.625% 24/01/2022 1,400,000 1,407,112 0.14US Bancorp 3.100% 27/04/2026 500,000 496,290 0.05US Bancorp 2.375% 22/07/2026 1,000,000 944,510 0.10US Bancorp 3.150% 27/04/2027 1,600,000 1,603,152 0.16Wells Fargo & Co 2.500% 04/03/2021 4,100,000 4,097,745 0.41Wells Fargo & Co 2.100% 26/07/2021 5,850,000 5,755,171 0.58Wells Fargo & Co 3.069% 24/01/2023 4,200,000 4,237,338 0.43Wells Fargo & Co 3.000% 22/04/2026 900,000 883,782 0.09Wells Fargo & Co 3.000% 23/10/2026 3,100,000 3,038,651 0.31Wells Fargo & Co 4.400% 14/06/2046 1,400,000 1,477,588 0.15Wells Fargo & Co 4.750% 07/12/2046 2,900,000 3,234,283 0.33

Beverages (6.51%) Anheuser-Busch InBev Finance 1.900% 01/02/2019 7,900,000 7,883,884 0.80Anheuser-Busch InBev Finance 2.650% 01/02/2021 8,050,000 8,097,173 0.82Anheuser-Busch InBev Finance 3.300% 01/02/2023 6,000,000 6,137,760 0.62Anheuser-Busch InBev Finance 3.650% 01/02/2026 10,550,000 10,885,490 1.10Anheuser-Busch InBev Finance 4.700% 01/02/2036 4,950,000 5,549,148 0.56Anheuser-Busch InBev Finance 4.900% 01/02/2046 13,450,000 15,586,801 1.57Coca-Cola 1.375% 30/05/2019 1,600,000 1,586,704 0.16Coca-Cola 1.550% 01/09/2021 1,200,000 1,170,648 0.12Molson Coors Brewing 2.100% 15/07/2021 1,100,000 1,077,703 0.11Molson Coors Brewing 3.000% 15/07/2026 1,800,000 1,761,318 0.18Molson Coors Brewing 4.200% 15/07/2046 1,650,000 1,683,528 0.17PepsiCo 2.375% 06/10/2026 1,500,000 1,428,690 0.14PepsiCo 4.450% 14/04/2046 1,000,000 1,135,700 0.11PepsiCo 3.450% 06/10/2046 500,000 484,985 0.05

Chemicals (0.76%) EI du Pont de Nemours & Co 2.200% 01/05/2020 1,500,000 1,497,990 0.15LYB International Finance II 3.500% 02/03/2027 700,000 703,045 0.07Sherwin-Williams 2.750% 01/06/2022 2,400,000 2,392,968 0.24Sherwin-Williams 3.450% 01/06/2027 1,400,000 1,421,980 0.14Sherwin-Williams 4.500% 01/06/2047 1,400,000 1,536,122 0.16



321


NominalMarket

Value USD % of

Net Assets

Computers (0.92%) Hewlett Packard Enterprise 3.600% 15/10/2020 2,800,000 2,859,192 0.29Hewlett Packard Enterprise 4.400% 15/10/2022 1,700,000 1,785,986 0.18Hewlett Packard Enterprise 4.900% 15/10/2025 2,550,000 2,686,476 0.27Hewlett Packard Enterprise 6.350% 15/10/2045 1,650,000 1,759,461 0.18

Cosmetics & Personal Care (0.15%) Procter & Gamble 2.150% 11/08/2022 1,500,000 1,483,260 0.15

Diversified Financial Services (1.55%) American Express 2.500% 01/08/2022 2,000,000 1,975,780 0.20American Express 3.000% 30/10/2024 2,000,000 1,993,800 0.20American Express Credit 1.875% 03/05/2019 1,000,000 995,880 0.10American Express Credit 2.600% 14/09/2020 1,750,000 1,760,360 0.18American Express Credit 2.700% 03/03/2022 5,300,000 5,319,292 0.54American Express Credit 3.300% 03/05/2027 1,500,000 1,520,535 0.15Discover Financial Services 4.100% 09/02/2027 750,000 768,473 0.08Synchrony Financial 3.950% 01/12/2027 1,000,000 995,770 0.10

Electric (1.78%) Duke Energy 2.650% 01/09/2026 1,615,000 1,547,606 0.16Duke Energy 3.750% 01/09/2046 1,450,000 1,436,631 0.14Exelon 3.497% 01/06/2022 1,750,000 1,781,990 0.18FirstEnergy 3.900% 15/07/2027 1,500,000 1,537,785 0.15FirstEnergy 4.850% 15/07/2047 1,250,000 1,388,163 0.14NextEra Energy Capital Holdings 3.550% 01/05/2027 1,150,000 1,172,172 0.12Southern 1.850% 01/07/2019 1,600,000 1,589,488 0.16Southern 2.350% 01/07/2021 1,500,000 1,487,910 0.15Southern 3.250% 01/07/2026 2,500,000 2,456,550 0.25Southern 4.400% 01/07/2046 2,000,000 2,137,360 0.22Southern California Edison 4.000% 01/04/2047 1,000,000 1,072,050 0.11

Electronics (0.41%) Honeywell International 1.400% 30/10/2019 2,300,000 2,273,159 0.23Honeywell International 2.500% 01/11/2026 1,800,000 1,743,192 0.18

Food (0.39%) Kroger 4.450% 01/02/2047 950,000 952,641 0.10Sysco 3.300% 15/07/2026 1,500,000 1,507,335 0.15Tyson Foods 3.550% 02/06/2027 1,400,000 1,431,528 0.14

Forest Products & Paper (0.31%) International Paper 3.000% 15/02/2027 550,000 533,049 0.05International Paper 4.400% 15/08/2047 1,150,000 1,208,409 0.12International Paper 4.350% 15/08/2048 1,300,000 1,356,199 0.14

Gas (0.21%) NiSource Finance 3.490% 15/05/2027 1,100,000 1,118,634 0.11NiSource Finance 4.375% 15/05/2047 900,000 985,788 0.10

Healthcare Products (2.88%) Abbott Laboratories 2.900% 30/11/2021 7,250,000 7,324,965 0.74Abbott Laboratories 3.750% 30/11/2026 2,950,000 3,029,030 0.31Abbott Laboratories 4.750% 30/11/2036 1,600,000 1,795,872 0.18Abbott Laboratories 4.900% 30/11/2046 3,000,000 3,446,400 0.35Becton Dickinson & Co 2.894% 06/06/2022 2,400,000 2,384,352 0.24Becton Dickinson & Co 3.700% 06/06/2027 3,600,000 3,626,064 0.37Becton Dickinson & Co 4.669% 06/06/2047 1,700,000 1,834,674 0.18Medtronic 2.500% 15/03/2020 800,000 804,480 0.08Stryker 3.500% 15/03/2026 925,000 954,276 0.10Stryker 4.625% 15/03/2046 1,000,000 1,138,030 0.11Thermo Fisher Scientific 3.000% 15/04/2023 300,000 301,896 0.03Thermo Fisher Scientific 2.950% 19/09/2026 1,950,000 1,898,754 0.19

Healthcare Services (0.41%) Aetna 2.800% 15/06/2023 1,400,000 1,379,028 0.14Aetna 3.875% 15/08/2047 950,000 937,935 0.09



322


NominalMarket

Value USD % of

Net Assets

Healthcare Services (0.41%) (continued) Cigna 3.875% 15/10/2047 1,000,000 1,000,540 0.10UnitedHealth Group 3.100% 15/03/2026 744,000 750,168 0.08

Household Products (0.68%) Newell Brands 2.600% 29/03/2019 282,000 282,584 0.03Newell Brands 3.850% 01/04/2023 2,000,000 2,070,360 0.21Newell Brands 4.200% 01/04/2026 1,900,000 1,986,241 0.20Newell Brands 5.500% 01/04/2046 2,000,000 2,387,460 0.24

Insurance (1.03%) American International Group 3.300% 01/03/2021 1,300,000 1,325,727 0.13American International Group 3.900% 01/04/2026 1,900,000 1,973,188 0.20Berkshire Hathaway 2.200% 15/03/2021 2,400,000 2,390,760 0.24Berkshire Hathaway 3.125% 15/03/2026 3,500,000 3,535,805 0.36Berkshire Hathaway Finance 1.300% 15/08/2019 1,000,000 988,070 0.10

Machinery - Construction & Mining (0.10%) Caterpillar Financial Services 2.100% 10/01/2020 1,000,000 997,720 0.10

Machinery - Diversified (0.08%) John Deere Capital 2.800% 06/03/2023 750,000 751,710 0.08

Media (0.45%) Time Warner 3.800% 15/02/2027 1,500,000 1,499,205 0.15Walt Disney 3.000% 13/02/2026 1,450,000 1,455,119 0.15Walt Disney 2.950% 15/06/2027 1,500,000 1,492,095 0.15

Miscellaneous Manufacturers (0.11%) Illinois Tool Works 2.650% 15/11/2026 1,100,000 1,074,007 0.11

Office & Business Equipment (0.10%) Xerox 3.625% 15/03/2023 1,000,000 976,500 0.10

Oil & Gas (2.98%) Anadarko Petroleum 5.550% 15/03/2026 750,000 841,830 0.09Anadarko Petroleum 6.600% 15/03/2046 1,300,000 1,665,690 0.17Chevron 1.561% 16/05/2019 2,321,000 2,307,120 0.23Chevron 2.100% 16/05/2021 800,000 794,512 0.08Chevron 2.954% 16/05/2026 3,150,000 3,147,575 0.32ConocoPhillips 4.200% 15/03/2021 1,600,000 1,681,552 0.17ConocoPhillips 4.950% 15/03/2026 650,000 736,359 0.07EQT 3.900% 01/10/2027 1,500,000 1,494,900 0.15Exxon Mobil 1.708% 01/03/2019 500,000 498,630 0.05Exxon Mobil 2.222% 01/03/2021 3,250,000 3,247,302 0.33Exxon Mobil 3.043% 01/03/2026 3,000,000 3,044,940 0.31Exxon Mobil 4.114% 01/03/2046 2,250,000 2,503,305 0.25Hess 4.300% 01/04/2027 1,250,000 1,249,575 0.13HollyFrontier 5.875% 01/04/2026 1,000,000 1,113,580 0.11Marathon Oil 4.400% 15/07/2027 1,000,000 1,041,930 0.11Occidental Petroleum 3.400% 15/04/2026 1,200,000 1,231,164 0.12Occidental Petroleum 4.400% 15/04/2046 1,150,000 1,270,474 0.13Valero Energy 3.400% 15/09/2026 1,600,000 1,603,904 0.16

Pharmaceuticals & Biotechnology (4.23%) AbbVie 2.300% 14/05/2021 1,850,000 1,837,346 0.19AbbVie 2.850% 14/05/2023 1,000,000 998,200 0.10AbbVie 3.200% 14/05/2026 1,700,000 1,695,750 0.17AbbVie 4.300% 14/05/2036 550,000 591,915 0.06AbbVie 4.450% 14/05/2046 2,500,000 2,713,500 0.27Cardinal Health 2.616% 15/06/2022 1,500,000 1,474,605 0.15Cardinal Health 3.410% 15/06/2027 1,500,000 1,470,915 0.15Gilead Sciences 2.550% 01/09/2020 850,000 857,344 0.09Johnson & Johnson 1.650% 01/03/2021 1,800,000 1,769,778 0.18Johnson & Johnson 2.450% 01/03/2026 1,163,000 1,134,146 0.11Johnson & Johnson 2.950% 03/03/2027 2,500,000 2,524,750 0.26Johnson & Johnson 3.550% 01/03/2036 750,000 781,035 0.08Johnson & Johnson 3.625% 03/03/2037 2,900,000 3,061,472 0.31



323


NominalMarket

Value USD % of

Net Assets

Pharmaceuticals & Biotechnology (4.23%) (continued) Johnson & Johnson 3.700% 01/03/2046 2,450,000 2,591,904 0.26Johnson & Johnson 3.750% 03/03/2047 650,000 692,978 0.07Pfizer 1.700% 15/12/2019 1,000,000 994,020 0.10Pfizer 1.950% 03/06/2021 2,000,000 1,978,280 0.20Pfizer 2.200% 15/12/2021 1,500,000 1,492,005 0.15Pfizer 2.750% 03/06/2026 1,200,000 1,186,020 0.12Pfizer 3.000% 15/12/2026 1,500,000 1,510,230 0.15Pfizer 4.000% 15/12/2036 1,600,000 1,756,672 0.18Pfizer 4.125% 15/12/2046 625,000 692,244 0.07Shire Acquisitions Investments Ireland 2.400% 23/09/2021 5,770,000 5,674,795 0.57Shire Acquisitions Investments Ireland 3.200% 23/09/2026 2,450,000 2,393,503 0.24

Pipelines (0.90%) Kinder Morgan 3.150% 15/01/2023 1,000,000 994,110 0.10MPLX 4.875% 01/12/2024 1,300,000 1,396,694 0.14MPLX 4.125% 01/03/2027 750,000 767,685 0.08MPLX 5.200% 01/03/2047 1,150,000 1,254,696 0.13Sunoco Logistics Partners Operations 5.400% 01/10/2047 1,500,000 1,514,085 0.15Transcontinental Gas Pipe Line 7.850% 01/02/2026 1,299,000 1,667,215 0.17Williams Partners 3.750% 15/06/2027 1,300,000 1,302,418 0.13

Real Estate Investment Trusts (0.50%) American Tower 3.375% 15/10/2026 1,250,000 1,228,287 0.12Boston Properties 3.650% 01/02/2026 600,000 610,104 0.06Boston Properties 2.750% 01/10/2026 1,200,000 1,134,732 0.12Crown Castle International 3.650% 01/09/2027 1,000,000 997,780 0.10Digital Realty Trust 3.700% 15/08/2027 1,000,000 1,007,260 0.10

Retail (1.73%) CVS Health 2.125% 01/06/2021 1,500,000 1,465,635 0.15CVS Health 2.875% 01/06/2026 2,200,000 2,110,548 0.21Home Depot 2.000% 01/04/2021 1,000,000 990,830 0.10Home Depot 3.000% 01/04/2026 1,538,000 1,542,091 0.16Home Depot 2.125% 15/09/2026 1,750,000 1,638,403 0.17Home Depot 3.500% 15/09/2056 850,000 817,003 0.08Lowe's Companies 2.500% 15/04/2026 1,500,000 1,443,750 0.15Lowe's Companies 3.100% 03/05/2027 1,400,000 1,405,964 0.14Lowe's Companies 3.700% 15/04/2046 850,000 853,188 0.09Lowe's Companies 4.050% 03/05/2047 2,050,000 2,182,983 0.22Target 2.500% 15/04/2026 800,000 768,952 0.08Target 3.625% 15/04/2046 850,000 827,696 0.08TJX Companies 2.250% 15/09/2026 1,100,000 1,032,053 0.10

Software (2.90%) Fidelity National Information Services 3.000% 15/08/2026 1,250,000 1,209,688 0.12Oracle 1.900% 15/09/2021 3,900,000 3,835,611 0.39Oracle 2.625% 15/02/2023 1,500,000 1,503,120 0.15Oracle 2.400% 15/09/2023 1,000,000 987,930 0.10Oracle 2.650% 15/07/2026 4,550,000 4,430,244 0.45Oracle 3.250% 15/11/2027 4,000,000 4,067,960 0.41Oracle 3.850% 15/07/2036 900,000 952,623 0.10Oracle 3.800% 15/11/2037 2,000,000 2,100,740 0.21Oracle 4.000% 15/07/2046 3,250,000 3,458,422 0.35Oracle 4.000% 15/11/2047 2,000,000 2,126,500 0.22VMware 2.950% 21/08/2022 3,000,000 2,992,980 0.30VMware 3.900% 21/08/2027 1,000,000 1,009,940 0.10

Telecommunications (7.49%) AT&T 3.200% 01/03/2022 3,500,000 3,538,290 0.36AT&T 3.600% 17/02/2023 6,500,000 6,656,780 0.67AT&T 4.250% 01/03/2027 2,500,000 2,552,425 0.26AT&T 3.900% 14/08/2027 6,500,000 6,536,465 0.66AT&T 5.250% 01/03/2037 2,950,000 3,123,254 0.32AT&T 4.900% 14/08/2037 5,000,000 5,058,650 0.51AT&T 6.000% 15/08/2040 1,700,000 1,948,693 0.20AT&T 5.450% 01/03/2047 3,150,000 3,375,067 0.34AT&T 4.500% 09/03/2048 7,250,000 6,785,492 0.69



324


NominalMarket

Value USD % of

Net Assets

Telecommunications (7.49%) (continued) AT&T 5.150% 14/02/2050 5,400,000 5,446,278 0.55AT&T 5.700% 01/03/2057 1,000,000 1,093,460 0.11AT&T 5.300% 14/08/2058 2,500,000 2,510,025 0.25Verizon Communications 2.946% 15/03/2022 3,280,000 3,302,599 0.33Verizon Communications 3.125% 16/03/2022 2,500,000 2,535,400 0.26Verizon Communications 2.625% 15/08/2026 1,400,000 1,318,436 0.13Verizon Communications 4.125% 16/03/2027 3,600,000 3,762,000 0.38Verizon Communications 4.500% 10/08/2033 3,000,000 3,143,370 0.32Verizon Communications 5.250% 16/03/2037 2,750,000 3,024,725 0.31Verizon Communications 4.812% 15/03/2039 2,100,000 2,197,419 0.22Verizon Communications 4.522% 15/09/2048 1,850,000 1,821,566 0.18Verizon Communications 5.012% 15/04/2049 4,150,000 4,350,528 0.44

Transportation (0.54%) FedEx 4.550% 01/04/2046 1,100,000 1,206,161 0.12Union Pacific 3.799% 01/10/2051 1,050,000 1,072,985 0.11United Parcel Service 2.500% 01/04/2023 1,000,000 993,250 0.10United Parcel Service 3.050% 15/11/2027 1,000,000 1,000,220 0.10United Parcel Service 3.750% 15/11/2047 1,000,000 1,032,140 0.11 Total Corporate Bonds 586,588,899 59.28


Corporate Bonds

Banks (9.69%) Bank of America 2.369% 21/07/2021 2,000,000 1,995,600 0.20Bank of America 3.124% 20/01/2023 2,100,000 2,128,980 0.22Bank of America 2.816% 21/07/2023 4,000,000 3,991,400 0.40Bank of America 3.004% 20/12/2023 7,000,000 7,015,680 0.71Bank of America 3.824% 20/01/2028 4,350,000 4,499,597 0.45Bank of America 3.705% 24/04/2028 4,800,000 4,922,112 0.50Bank of America 3.419% 20/12/2028 6,000,000 5,992,200 0.61Bank of America 4.244% 24/04/2038 2,000,000 2,168,020 0.22Bank of America 4.443% 20/01/2048 2,000,000 2,244,800 0.23Bank of New York Mellon 3.442% 07/02/2028 1,950,000 1,992,647 0.20BB&T 2.850% 26/10/2024 1,000,000 994,680 0.10Citigroup 2.876% 24/07/2023 1,500,000 1,491,540 0.15Citigroup 3.887% 10/01/2028 3,700,000 3,820,176 0.39Citigroup 3.668% 24/07/2028 3,400,000 3,444,540 0.35Citigroup 3.520% 27/10/2028 2,000,000 2,004,000 0.20Citigroup 4.281% 24/04/2048 1,000,000 1,086,930 0.11Goldman Sachs Group 2.876% 31/10/2022 2,000,000 1,992,960 0.20Goldman Sachs Group 2.908% 05/06/2023 2,000,000 1,985,220 0.20Goldman Sachs Group 2.905% 24/07/2023 2,000,000 1,983,380 0.20Goldman Sachs Group 3.691% 05/06/2028 4,700,000 4,760,442 0.48Goldman Sachs Group 4.017% 31/10/2038 500,000 514,450 0.05Huntington Bancshares 3.150% 14/03/2021 2,000,000 2,032,020 0.21JPMorgan Chase & Co 2.776% 25/04/2023 3,500,000 3,495,065 0.35JPMorgan Chase & Co 3.220% 01/03/2025 2,500,000 2,516,875 0.25JPMorgan Chase & Co 3.782% 01/02/2028 2,400,000 2,484,384 0.25JPMorgan Chase & Co 3.540% 01/05/2028 4,650,000 4,720,215 0.48JPMorgan Chase & Co 3.882% 24/07/2038 1,000,000 1,026,760 0.10JPMorgan Chase & Co 4.260% 22/02/2048 4,500,000 4,859,100 0.49JPMorgan Chase & Co 4.032% 24/07/2048 2,000,000 2,078,820 0.21Morgan Stanley 3.591% 22/07/2028 1,700,000 1,715,657 0.17Morgan Stanley 3.971% 22/07/2038 2,000,000 2,064,720 0.21Santander Holdings USA 3.700% 28/03/2022 2,825,000 2,862,431 0.29Wells Fargo & Co 3.584% 22/05/2028 4,950,000 5,042,911 0.51

Beverages (0.10%) PepsiCo 2.000% 15/04/2021 1,000,000 990,490 0.10



325


NominalMarket

Value USD % of

Net Assets

Computers (6.93%) Apple 1.700% 22/02/2019 1,500,000 1,495,800 0.15Apple 1.100% 02/08/2019 3,000,000 2,957,070 0.30Apple 2.000% 13/11/2020 4,300,000 4,272,652 0.43Apple 2.250% 23/02/2021 3,000,000 2,995,020 0.30Apple 1.550% 04/08/2021 700,000 679,959 0.07Apple 2.500% 09/02/2022 2,500,000 2,502,975 0.25Apple 2.100% 12/09/2022 2,000,000 1,962,040 0.20Apple 3.000% 09/02/2024 200,000 202,550 0.02Apple 2.850% 11/05/2024 6,000,000 6,021,720 0.61Apple 3.250% 23/02/2026 3,050,000 3,111,488 0.31Apple 3.350% 09/02/2027 6,800,000 6,959,052 0.70Apple 3.000% 20/06/2027 500,000 497,700 0.05Apple 3.000% 13/11/2027 2,500,000 2,488,825 0.25Apple 4.500% 23/02/2036 1,000,000 1,145,990 0.12Apple 4.650% 23/02/2046 5,250,000 6,145,702 0.62Apple 3.850% 04/08/2046 2,100,000 2,186,184 0.22Apple 4.250% 09/02/2047 600,000 665,868 0.07Apple 3.750% 13/11/2047 1,500,000 1,542,165 0.16Dell International via EMC 3.480% 01/06/2019 3,800,000 3,847,006 0.39Dell International via EMC 4.420% 15/06/2021 4,300,000 4,478,837 0.45Dell International via EMC 5.450% 15/06/2023 3,200,000 3,454,464 0.35Dell International via EMC 6.020% 15/06/2026 4,000,000 4,408,280 0.45Dell International via EMC 8.100% 15/07/2036 1,500,000 1,894,035 0.19Dell International via EMC 8.350% 15/07/2046 2,100,000 2,708,244 0.27

Diversified Financial Services (0.10%) Visa 2.150% 15/09/2022 1,000,000 985,920 0.10

Food (1.06%) Kraft Heinz Foods 2.800% 02/07/2020 787,000 791,376 0.08Kraft Heinz Foods 3.950% 15/07/2025 1,150,000 1,187,628 0.12Kraft Heinz Foods 3.000% 01/06/2026 3,650,000 3,509,220 0.35Kraft Heinz Foods 5.200% 15/07/2045 1,350,000 1,485,351 0.15Kraft Heinz Foods 4.375% 01/06/2046 3,566,000 3,532,087 0.36

Healthcare Services (0.62%) Anthem 3.650% 01/12/2027 1,500,000 1,528,455 0.15Anthem 4.375% 01/12/2047 1,500,000 1,595,655 0.16Ascension Health 3.945% 15/11/2046 1,200,000 1,261,692 0.13Kaiser Foundation Hospitals 4.150% 01/05/2047 1,600,000 1,727,328 0.18

Insurance (0.41%) Brighthouse Financial 3.700% 22/06/2027 1,500,000 1,472,985 0.15Brighthouse Financial 4.700% 22/06/2047 1,500,000 1,529,040 0.16Prudential Financial 3.935% 07/12/2049 1,000,000 1,022,090 0.10

Internet (1.93%) Alphabet 1.998% 15/08/2026 1,500,000 1,412,955 0.14Amazon.com 1.900% 21/08/2020 1,000,000 992,480 0.10Amazon.com 2.800% 22/08/2024 3,000,000 2,991,540 0.30Amazon.com 3.150% 22/08/2027 3,000,000 3,012,840 0.31Amazon.com 3.875% 22/08/2037 3,000,000 3,184,470 0.32Amazon.com 4.050% 22/08/2047 3,600,000 3,865,104 0.39Amazon.com 4.250% 22/08/2057 2,200,000 2,407,108 0.25Priceline Group 3.600% 01/06/2026 1,200,000 1,205,808 0.12

Media (3.78%) Charter Communications Operating Via Charter Communications Operating Capital 3.579% 23/07/2020 1,750,000 1,781,238 0.18Charter Communications Operating Via Charter Communications Operating Capital 4.464% 23/07/2022 2,650,000 2,768,826 0.28Charter Communications Operating Via Charter Communications Operating Capital 4.908% 23/07/2025 4,050,000 4,301,869 0.43Charter Communications Operating Via Charter Communications Operating Capital 4.200% 15/03/2028 2,000,000 1,981,580 0.20Charter Communications Operating Via Charter Communications Operating Capital 6.384% 23/10/2035 420,000 491,602 0.05



326


NominalMarket

Value USD % of

Net Assets

Media (3.78%) (continued) Charter Communications Operating Via Charter Communications Operating Capital 6.484% 23/10/2045 5,275,000 6,178,291 0.62Comcast 2.750% 01/03/2023 1,000,000 1,002,770 0.10Comcast 3.150% 01/03/2026 950,000 956,270 0.10Comcast 3.300% 01/02/2027 3,900,000 3,979,014 0.40Comcast 3.150% 15/02/2028 1,500,000 1,505,190 0.15Comcast 3.200% 15/07/2036 900,000 861,399 0.09Comcast 3.400% 15/07/2046 1,400,000 1,321,684 0.13Comcast 3.999% 01/11/2049 2,000,000 2,046,820 0.21Comcast 4.049% 01/11/2052 3,500,000 3,583,265 0.36Discovery Communications 3.950% 20/03/2028 2,000,000 1,984,300 0.20Discovery Communications 5.000% 20/09/2037 1,400,000 1,448,314 0.15Discovery Communications 5.200% 20/09/2047 1,200,000 1,250,460 0.13

Oil & Gas (0.10%) Concho Resources 3.750% 01/10/2027 1,000,000 1,010,590 0.10

Oil & Gas Services (0.29%) Barker Hughes 3.337% 15/12/2027 1,300,000 1,297,946 0.13Barker Hughes 4.080% 15/12/2047 1,500,000 1,525,395 0.16

Pharmaceuticals & Biotechnology (2.62%) Amgen 2.650% 11/05/2022 1,500,000 1,495,245 0.15Amgen 2.600% 19/08/2026 850,000 814,886 0.08Amgen 3.200% 02/11/2027 1,500,000 1,499,205 0.15Amgen 4.563% 15/06/2048 900,000 1,005,984 0.10Amgen 4.663% 15/06/2051 3,700,000 4,137,932 0.42Baxalta 4.000% 23/06/2025 2,650,000 2,738,960 0.28Celgene 3.450% 15/11/2027 1,000,000 1,000,440 0.10Celgene 4.350% 15/11/2047 1,200,000 1,249,908 0.13Express Scripts Holding 4.500% 25/02/2026 2,700,000 2,861,244 0.29Express Scripts Holding 3.400% 01/03/2027 900,000 882,063 0.09Express Scripts Holding 4.800% 15/07/2046 1,200,000 1,276,224 0.13Gilead Sciences 2.950% 01/03/2027 1,500,000 1,474,980 0.15Gilead Sciences 4.750% 01/03/2046 650,000 751,615 0.08Gilead Sciences 4.150% 01/03/2047 300,000 319,215 0.03Mylan 3.150% 15/06/2021 2,400,000 2,412,288 0.24Mylan 3.950% 15/06/2026 1,950,000 1,965,249 0.20

Pipelines (0.62%) Enterprise Products Operating 5.250% 16/08/2077 1,000,000 990,070 0.10Sabine Pass Liquefaction 5.875% 30/06/2026 3,000,000 3,370,290 0.34Sabine Pass Liquefaction 5.000% 15/03/2027 1,650,000 1,763,982 0.18

Retail (0.97%) Costco Wholesale 2.750% 18/05/2024 2,500,000 2,495,775 0.25Walgreens Boots Alliance 3.450% 01/06/2026 2,100,000 2,075,745 0.21Wal-Mart Stores 1.900% 15/12/2020 2,000,000 1,986,820 0.20Wal-Mart Stores 2.650% 15/12/2024 2,000,000 1,995,040 0.20Wal-Mart Stores 3.625% 15/12/2047 1,000,000 1,048,340 0.11

Semiconductors (3.63%) Applied Materials 3.300% 01/04/2027 1,500,000 1,523,985 0.15Applied Materials 4.350% 01/04/2047 750,000 841,402 0.09Broadcom Via Broadcom Cayman Finance 2.375% 15/01/2020 4,200,000 4,171,062 0.42Broadcom Via Broadcom Cayman Finance 3.000% 15/01/2022 2,000,000 1,982,720 0.20Broadcom Via Broadcom Cayman Finance 3.625% 15/01/2024 3,800,000 3,779,898 0.38Broadcom Via Broadcom Cayman Finance 3.875% 15/01/2027 5,200,000 5,129,956 0.52Broadcom Via Broadcom Cayman Finance 3.500% 15/01/2028 1,500,000 1,431,375 0.15Intel 1.850% 11/05/2020 800,000 795,968 0.08Intel 2.875% 11/05/2024 1,800,000 1,815,840 0.18Intel 2.600% 19/05/2026 600,000 586,446 0.06Intel 3.150% 11/05/2027 1,000,000 1,019,160 0.10Intel 4.100% 19/05/2046 1,575,000 1,731,004 0.18Intel 4.100% 11/05/2047 750,000 828,532 0.08Intel 3.734% 08/12/2047 2,000,000 2,080,280 0.21NVIDIA 3.200% 16/09/2026 1,500,000 1,504,755 0.15



327


NominalMarket

Value USD % of

Net Assets

Semiconductors (3.63%) (continued) QUALCOMM 1.850% 20/05/2019 2,500,000 2,489,700 0.25QUALCOMM 2.900% 20/05/2024 1,000,000 975,870 0.10QUALCOMM 3.250% 20/05/2027 1,755,000 1,712,599 0.17QUALCOMM 4.650% 20/05/2035 1,050,000 1,132,236 0.12QUALCOMM 4.800% 20/05/2045 400,000 433,004 0.04

Software (3.76%) Microsoft 1.850% 06/02/2020 4,100,000 4,081,591 0.41Microsoft 1.550% 08/08/2021 2,800,000 2,727,060 0.28Microsoft 2.400% 06/02/2022 2,500,000 2,500,050 0.25Microsoft 2.000% 08/08/2023 2,500,000 2,427,575 0.25Microsoft 2.875% 06/02/2024 750,000 760,838 0.08Microsoft 2.400% 08/08/2026 1,900,000 1,831,410 0.18Microsoft 3.300% 06/02/2027 4,500,000 4,645,395 0.47Microsoft 3.450% 08/08/2036 2,600,000 2,678,910 0.27Microsoft 4.100% 06/02/2037 2,600,000 2,902,432 0.29Microsoft 3.700% 08/08/2046 3,450,000 3,596,280 0.36Microsoft 4.250% 06/02/2047 3,275,000 3,745,912 0.38Microsoft 3.950% 08/08/2056 1,650,000 1,769,427 0.18Microsoft 4.500% 06/02/2057 3,020,000 3,567,556 0.36

Telecommunications (2.22%) AT&T 4.100% 15/02/2028 1,784,000 1,789,316 0.18AT&T 4.300% 15/02/2030 6,291,000 6,297,354 0.64AT&T 5.150% 15/11/2046 1,600,000 1,632,032 0.16Cisco Systems 1.600% 28/02/2019 1,600,000 1,592,864 0.16Cisco Systems 2.200% 28/02/2021 3,600,000 3,586,500 0.36Cisco Systems 1.850% 20/09/2021 1,400,000 1,373,792 0.14Cisco Systems 2.500% 20/09/2026 1,700,000 1,644,954 0.17Verizon Communications 3.376% 15/02/2025 4,000,000 4,021,440 0.41

Textile (0.12%) Cintas No 2 3.700% 01/04/2027 1,150,000 1,196,540 0.12 Total Corporate Bonds 385,466,903 38.95

Transferable securities non-listed on an Official Stock Exchange

Corporate Bonds

Internet (0.10%) Expedia 3.800% 15/02/2028 1,000,000 966,860 0.10 Total Corporate Bonds 966,860 0.10 TOTAL INVESTMENTS (Cost USD 962,286,970) 973,022,662 98.33





USD % of Net Assets

CHF 152,665,000 USD 155,921,419 03 January 2018 738,407 0.07EUR 448,230,000 USD 535,642,022 03 January 2018 2,592,658 0.26EUR 9,355,000 USD 11,071,240 03 January 2018 162,246 0.02EUR 4,270,000 USD 5,082,773 03 January 2018 44,644 0.00GBP 47,570,000 USD 64,479,851 03 January 2018 (129,543) (0.01)USD 10,200,527 CHF 10,045,000 03 January 2018 (107,323) (0.01)USD 3,397,629 CHF 3,360,000 03 January 2018 (50,293) (0.00)USD 6,332,469 EUR 5,325,000 03 January 2018 (61,792) (0.01)USD 3,876,894 EUR 3,285,000 03 January 2018 (67,734) (0.01)



328




USD % of Net Assets

USD 11,562,226 EUR 9,800,000 03 January 2018 (205,616) (0.02)USD 2,884,296 GBP 2,145,000 03 January 2018 (17,353) (0.00) Total Forward Foreign Exchange Contracts 2,898,301 0.29

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF Annual report as of 31 December 2017


329


NominalMarket

Value USD % of

Net Assets

Corporate Bonds

Agriculture (0.29%) Archer-Daniels-Midland 2.500% 11/08/2026 395,000 376,095 0.29

Airlines (0.48%) Delta Air Lines 3.625% 15/03/2022 615,000 625,498 0.48

Apparel (0.28%) NIKE 2.375% 01/11/2026 375,000 356,948 0.28

Banks (12.08%) Bank of New York Mellon 2.500% 15/04/2021 325,000 325,705 0.25Bank of New York Mellon 2.050% 03/05/2021 1,275,000 1,259,164 0.97Bank of New York Mellon 2.600% 07/02/2022 250,000 250,300 0.19Bank of New York Mellon 2.200% 16/08/2023 400,000 387,648 0.30Citigroup 2.050% 07/06/2019 375,000 373,838 0.29Citigroup 2.450% 10/01/2020 900,000 900,414 0.70Citigroup 2.900% 08/12/2021 400,000 402,084 0.31Citigroup 2.750% 25/04/2022 450,000 448,902 0.35Citigroup 3.400% 01/05/2026 300,000 301,923 0.23Citigroup 3.200% 21/10/2026 170,000 168,666 0.13Citigroup 4.125% 25/07/2028 600,000 619,044 0.48Citigroup 4.750% 18/05/2046 300,000 331,920 0.26Goldman Sachs Group 2.300% 13/12/2019 250,000 249,475 0.19Goldman Sachs Group 2.600% 27/12/2020 850,000 851,037 0.66Goldman Sachs Group 2.625% 25/04/2021 300,000 299,835 0.23Goldman Sachs Group 2.350% 15/11/2021 250,000 246,128 0.19Goldman Sachs Group 3.000% 26/04/2022 875,000 878,255 0.68Goldman Sachs Group 3.500% 16/11/2026 75,000 75,311 0.06Goldman Sachs Group 3.850% 26/01/2027 875,000 898,380 0.69Goldman Sachs Group 4.750% 21/10/2045 250,000 285,783 0.22Morgan Stanley 2.500% 21/04/2021 500,000 498,150 0.38Morgan Stanley 2.625% 17/11/2021 675,000 671,692 0.52Morgan Stanley 2.750% 19/05/2022 1,275,000 1,269,900 0.98Morgan Stanley 3.875% 27/01/2026 525,000 545,690 0.42Morgan Stanley 3.125% 27/07/2026 550,000 541,810 0.42Morgan Stanley 3.625% 20/01/2027 850,000 869,720 0.67Morgan Stanley 4.300% 27/01/2045 170,000 183,279 0.14Morgan Stanley 4.375% 22/01/2047 470,000 515,961 0.40Regions Financial 2.750% 14/08/2022 600,000 596,994 0.46Santander Holdings USA 2.700% 24/05/2019 175,000 175,285 0.14Santander Holdings USA 4.500% 17/07/2025 215,000 224,052 0.17

Beverages (0.81%) Coca-Cola 1.375% 30/05/2019 350,000 347,091 0.27Coca-Cola 1.550% 01/09/2021 325,000 317,051 0.25Coca-Cola 2.250% 01/09/2026 400,000 380,352 0.29

Chemicals (1.57%) Sherwin-Williams 2.750% 01/06/2022 950,000 947,216 0.73Sherwin-Williams 3.450% 01/06/2027 500,000 507,850 0.39Sherwin-Williams 4.500% 01/06/2047 525,000 576,046 0.45

Computers (2.70%) Hewlett Packard Enterprise 3.600% 15/10/2020 1,385,000 1,414,279 1.09Hewlett Packard Enterprise 4.400% 15/10/2022 525,000 551,554 0.43Hewlett Packard Enterprise 4.900% 15/10/2025 880,000 927,098 0.72Hewlett Packard Enterprise 6.350% 15/10/2045 565,000 602,482 0.46

Cosmetics & Personal Care (0.38%) Procter & Gamble 2.150% 11/08/2022 500,000 494,420 0.38

Diversified Financial Services (4.40%) American Express 2.200% 30/10/2020 950,000 942,742 0.73American Express 2.500% 01/08/2022 1,150,000 1,136,073 0.88American Express 3.000% 30/10/2024 825,000 822,443 0.63American Express Credit 1.875% 03/05/2019 1,150,000 1,145,262 0.88



330


NominalMarket

Value USD % of

Net Assets

Diversified Financial Services (4.40%) (continued) American Express Credit 2.250% 05/05/2021 500,000 495,485 0.38American Express Credit 2.700% 03/03/2022 500,000 501,820 0.39American Express Credit 3.300% 03/05/2027 650,000 658,899 0.51

Food (0.29%) Kroger 4.450% 01/02/2047 375,000 376,043 0.29

Gas (0.61%) NiSource Finance 3.490% 15/05/2027 350,000 355,929 0.27NiSource Finance 4.375% 15/05/2047 400,000 438,128 0.34

Healthcare Products (2.63%) Becton Dickinson & Co 2.894% 06/06/2022 975,000 968,643 0.75Becton Dickinson & Co 3.363% 06/06/2024 200,000 200,540 0.16Becton Dickinson & Co 3.700% 06/06/2027 1,625,000 1,636,765 1.26Becton Dickinson & Co 4.669% 06/06/2047 550,000 593,571 0.46

Healthcare Services (0.30%) Cigna 3.875% 15/10/2047 390,000 390,211 0.30

Household Products (2.13%) Newell Brands 3.150% 01/04/2021 425,000 429,577 0.33Newell Brands 3.850% 01/04/2023 700,000 724,626 0.56Newell Brands 4.200% 01/04/2026 675,000 705,638 0.55Newell Brands 5.500% 01/04/2046 750,000 895,298 0.69

Machinery - Construction & Mining (0.23%) Caterpillar Financial Services 2.100% 10/01/2020 300,000 299,316 0.23

Machinery - Diversified (0.29%) John Deere Capital 2.800% 06/03/2023 375,000 375,855 0.29

Media (1.30%) Time Warner 3.800% 15/02/2027 550,000 549,709 0.43Walt Disney 3.000% 13/02/2026 80,000 80,282 0.06Walt Disney 1.850% 30/07/2026 522,000 477,640 0.37Walt Disney 2.950% 15/06/2027 575,000 571,970 0.44

Office & Business Equipment (0.30%) Xerox 3.625% 15/03/2023 400,000 390,600 0.30

Oil & Gas (5.67%) ConocoPhillips 4.200% 15/03/2021 340,000 357,330 0.27ConocoPhillips 4.950% 15/03/2026 435,000 492,794 0.38EQT 3.900% 01/10/2027 450,000 448,470 0.35Exxon Mobil 1.708% 01/03/2019 600,000 598,356 0.46Exxon Mobil 2.222% 01/03/2021 950,000 949,212 0.73Exxon Mobil 3.043% 01/03/2026 1,225,000 1,243,350 0.96Exxon Mobil 4.114% 01/03/2046 880,000 979,070 0.76Hess 4.300% 01/04/2027 400,000 399,864 0.31Marathon Oil 4.400% 15/07/2027 400,000 416,772 0.32Occidental Petroleum 3.400% 15/04/2026 450,000 461,687 0.36Occidental Petroleum 4.400% 15/04/2046 425,000 469,523 0.36Valero Energy 3.400% 15/09/2026 525,000 526,281 0.41

Pharmaceuticals & Biotechnology (7.33%) AbbVie 2.300% 14/05/2021 625,000 620,725 0.48AbbVie 2.850% 14/05/2023 375,000 374,325 0.29AbbVie 3.200% 14/05/2026 750,000 748,125 0.58AbbVie 4.300% 14/05/2036 225,000 242,147 0.19AbbVie 4.700% 14/05/2045 100,000 112,154 0.09AbbVie 4.450% 14/05/2046 875,000 949,725 0.73Cardinal Health 1.948% 14/06/2019 500,000 496,985 0.38Cardinal Health 2.616% 15/06/2022 475,000 466,958 0.36Cardinal Health 3.410% 15/06/2027 500,000 490,305 0.38Gilead Sciences 2.550% 01/09/2020 245,000 247,117 0.19Johnson & Johnson 1.650% 01/03/2021 230,000 226,138 0.17



331


NominalMarket

Value USD % of

Net Assets

Pharmaceuticals & Biotechnology (7.33%) (continued) Johnson & Johnson 2.250% 03/03/2022 560,000 559,065 0.43Johnson & Johnson 2.450% 01/03/2026 610,000 594,866 0.46Johnson & Johnson 2.950% 03/03/2027 550,000 555,445 0.43Johnson & Johnson 3.550% 01/03/2036 310,000 322,828 0.25Johnson & Johnson 3.625% 03/03/2037 1,175,000 1,240,424 0.96Johnson & Johnson 3.700% 01/03/2046 420,000 444,327 0.34Johnson & Johnson 3.750% 03/03/2047 750,000 799,590 0.62

Pipelines (1.07%) MPLX 4.875% 01/12/2024 125,000 134,298 0.10MPLX 4.125% 01/03/2027 800,000 818,864 0.63MPLX 5.200% 01/03/2047 400,000 436,416 0.34

Real Estate Investment Trusts (1.23%) American Tower 3.375% 15/10/2026 400,000 393,052 0.30Boston Properties 3.650% 01/02/2026 293,000 297,934 0.23Boston Properties 2.750% 01/10/2026 475,000 449,165 0.35Digital Realty Trust 3.700% 15/08/2027 450,000 453,267 0.35

Retail (4.21%) Home Depot 2.000% 01/04/2021 500,000 495,415 0.38Home Depot 2.125% 15/09/2026 650,000 608,549 0.47Home Depot 2.800% 14/09/2027 850,000 837,216 0.65Home Depot 3.500% 15/09/2056 425,000 408,501 0.31Lowe's Companies 2.500% 15/04/2026 225,000 216,563 0.17Lowe's Companies 3.100% 03/05/2027 1,130,000 1,134,814 0.88Lowe's Companies 3.700% 15/04/2046 50,000 50,188 0.04Lowe's Companies 4.050% 03/05/2047 975,000 1,038,248 0.80Target 2.500% 15/04/2026 300,000 288,357 0.22Target 3.625% 15/04/2046 385,000 374,898 0.29

Software (6.25%) Oracle 1.900% 15/09/2021 1,750,000 1,721,107 1.33Oracle 2.400% 15/09/2023 1,100,000 1,086,723 0.84Oracle 2.650% 15/07/2026 1,250,000 1,217,100 0.94Oracle 3.250% 15/11/2027 350,000 355,947 0.28Oracle 3.850% 15/07/2036 400,000 423,388 0.33Oracle 3.800% 15/11/2037 350,000 367,630 0.28Oracle 4.000% 15/07/2046 1,250,000 1,330,162 1.03Oracle 4.000% 15/11/2047 175,000 186,069 0.14VMware 2.950% 21/08/2022 950,000 947,777 0.73VMware 3.900% 21/08/2027 450,000 454,473 0.35

Transportation (1.19%) Union Pacific 3.799% 01/10/2051 400,000 408,756 0.31United Parcel Service 2.500% 01/04/2023 375,000 372,469 0.29United Parcel Service 3.050% 15/11/2027 375,000 375,083 0.29United Parcel Service 3.750% 15/11/2047 375,000 387,052 0.30 Total Corporate Bonds 75,136,829 58.02


Corporate Bonds

Banks (6.16%) Bank of New York Mellon 2.661% 16/05/2023 500,000 498,625 0.38Bank of New York Mellon 3.442% 07/02/2028 425,000 434,295 0.33Citigroup 2.876% 24/07/2023 630,000 626,447 0.48Citigroup 3.887% 10/01/2028 950,000 980,856 0.76Citigroup 3.668% 24/07/2028 850,000 861,135 0.66Citigroup 3.520% 27/10/2028 300,000 300,600 0.23Citigroup 4.281% 24/04/2048 175,000 190,213 0.15Goldman Sachs Group 2.905% 24/07/2023 925,000 917,313 0.71Goldman Sachs Group 3.272% 29/09/2025 700,000 696,717 0.54Goldman Sachs Group 3.691% 05/06/2028 550,000 557,073 0.43



332


NominalMarket

Value USD % of

Net Assets

Banks (6.16%) (continued) Goldman Sachs Group 4.017% 31/10/2038 200,000 205,780 0.16Morgan Stanley 3.591% 22/07/2028 700,000 706,447 0.55Morgan Stanley 3.971% 22/07/2038 325,000 335,517 0.26Santander Holdings USA 3.700% 28/03/2022 250,000 253,312 0.20Santander Holdings USA 4.400% 13/07/2027 400,000 409,348 0.32

Computers (9.58%) Apple 1.700% 22/02/2019 384,000 382,925 0.30Apple 1.900% 07/02/2020 150,000 149,324 0.11Apple 2.250% 23/02/2021 675,000 673,879 0.52Apple 2.500% 09/02/2022 800,000 800,952 0.62Apple 2.850% 23/02/2023 250,000 252,955 0.19Apple 3.000% 09/02/2024 650,000 658,287 0.51Apple 3.250% 23/02/2026 75,000 76,512 0.06Apple 2.450% 04/08/2026 100,000 95,916 0.07Apple 3.350% 09/02/2027 675,000 690,788 0.53Apple 3.000% 20/06/2027 425,000 423,045 0.33Apple 2.900% 12/09/2027 505,000 498,324 0.38Apple 4.500% 23/02/2036 75,000 85,949 0.07Apple 4.650% 23/02/2046 560,000 655,542 0.51Apple 3.850% 04/08/2046 300,000 312,312 0.24Apple 4.250% 09/02/2047 275,000 305,190 0.24Apple 3.750% 12/09/2047 225,000 230,513 0.18Dell International via EMC 3.480% 01/06/2019 1,100,000 1,113,607 0.86Dell International via EMC 4.420% 15/06/2021 1,250,000 1,301,987 1.01Dell International via EMC 5.450% 15/06/2023 990,000 1,068,725 0.82Dell International via EMC 6.020% 15/06/2026 1,175,000 1,294,932 1.00Dell International via EMC 8.100% 15/07/2036 425,000 536,643 0.41Dell International via EMC 8.350% 15/07/2046 625,000 806,025 0.62

Diversified Financial Services (0.61%) Visa 2.150% 15/09/2022 800,000 788,736 0.61

Food (3.19%) Kraft Heinz Foods 2.800% 02/07/2020 475,000 477,641 0.37Kraft Heinz Foods 3.950% 15/07/2025 570,000 588,650 0.46Kraft Heinz Foods 3.000% 01/06/2026 950,000 913,358 0.71Kraft Heinz Foods 5.000% 15/07/2035 40,000 43,644 0.03Kraft Heinz Foods 5.200% 15/07/2045 930,000 1,023,242 0.79Kraft Heinz Foods 4.375% 01/06/2046 1,090,000 1,079,634 0.83

Insurance (0.33%) Prudential Financial 3.935% 07/12/2049 425,000 434,388 0.33

Internet (0.91%) Alphabet 1.998% 15/08/2026 795,000 748,866 0.58Priceline Group 3.600% 01/06/2026 425,000 427,057 0.33

Media (1.68%) Discovery Communications 2.950% 20/03/2023 475,000 469,789 0.36Discovery Communications 3.950% 20/03/2028 650,000 644,898 0.50Discovery Communications 5.000% 20/09/2037 400,000 413,804 0.32Discovery Communications 5.200% 20/09/2047 625,000 651,281 0.50

Pharmaceuticals & Biotechnology (5.01%) Amgen 2.650% 11/05/2022 525,000 523,336 0.40Amgen 2.600% 19/08/2026 425,000 407,443 0.32Amgen 3.200% 02/11/2027 500,000 499,735 0.39Amgen 4.563% 15/06/2048 600,000 670,656 0.52Amgen 4.663% 15/06/2051 1,441,000 1,611,557 1.24Celgene 3.450% 15/11/2027 375,000 375,165 0.29Celgene 4.350% 15/11/2047 475,000 494,755 0.38Gilead Sciences 2.950% 01/03/2027 500,000 491,660 0.38Gilead Sciences 4.150% 01/03/2047 715,000 760,796 0.59Johnson & Johnson 2.900% 15/01/2028 650,000 650,955 0.50



333


NominalMarket

Value USD % of

Net Assets

Semiconductors (4.05%) Applied Materials 3.300% 01/04/2027 475,000 482,595 0.37Applied Materials 4.350% 01/04/2047 375,000 420,701 0.33Intel 1.850% 11/05/2020 500,000 497,480 0.38Intel 2.875% 11/05/2024 500,000 504,400 0.39Intel 3.150% 11/05/2027 650,000 662,454 0.51Intel 4.100% 19/05/2046 640,000 703,392 0.54Intel 4.100% 11/05/2047 150,000 165,707 0.13Intel 3.734% 08/12/2047 975,000 1,014,136 0.78NVIDIA 2.200% 16/09/2021 425,000 420,733 0.33NVIDIA 3.200% 16/09/2026 375,000 376,189 0.29

Software (4.96%) Microsoft 1.100% 08/08/2019 850,000 838,644 0.65Microsoft 1.550% 08/08/2021 200,000 194,790 0.15Microsoft 2.400% 06/02/2022 500,000 500,010 0.39Microsoft 2.875% 06/02/2024 850,000 862,282 0.66Microsoft 2.400% 08/08/2026 255,000 245,795 0.19Microsoft 3.300% 06/02/2027 775,000 800,040 0.62Microsoft 4.200% 03/11/2035 100,000 112,999 0.09Microsoft 3.450% 08/08/2036 75,000 77,276 0.06Microsoft 4.100% 06/02/2037 625,000 697,700 0.54Microsoft 4.450% 03/11/2045 225,000 263,687 0.20Microsoft 3.700% 08/08/2046 450,000 469,080 0.36Microsoft 4.250% 06/02/2047 375,000 428,921 0.33Microsoft 4.000% 12/02/2055 122,000 131,411 0.10Microsoft 4.750% 03/11/2055 145,000 178,940 0.14Microsoft 4.500% 06/02/2057 525,000 620,188 0.48

Telecommunications (2.64%) Cisco Systems 1.400% 20/09/2019 625,000 618,231 0.48Cisco Systems 2.200% 28/02/2021 600,000 597,750 0.46Cisco Systems 1.850% 20/09/2021 1,725,000 1,692,708 1.31Cisco Systems 2.500% 20/09/2026 530,000 512,839 0.39 Total Corporate Bonds 50,670,134 39.12 TOTAL INVESTMENTS (Cost USD 124,835,299) 125,806,963 97.14





USD % of Net Assets

CHF 28,470,000 USD 29,077,279 03 January 2018 137,703 0.11EUR 52,440,000 USD 62,666,639 03 January 2018 303,324 0.23GBP 18,865,000 USD 25,570,998 03 January 2018 (51,373) (0.04) Total Forward Foreign Exchange Contracts 389,654 0.30

UBS ETF - Bloomberg Barclays MSCI Euro Area Liquid Corporates SustainableUCITS ETF



334


NominalMarket

Value EUR % of

Net Assets

Corporate Bonds

Advertising (0.74%) JCDecaux 1.000% 01/06/2023 100,000 101,626 0.25Publicis Groupe 0.500% 03/11/2023 100,000 98,606 0.25WPP Finance Deutschland 1.625% 23/03/2030 100,000 98,055 0.24

Auto Manufacturers (9.85%) BMW Finance 0.500% 05/09/2018 100,000 100,563 0.25BMW Finance 0.125% 15/04/2020 400,000 401,440 0.99BMW Finance 1.000% 15/02/2022 500,000 516,665 1.28BMW Finance 0.750% 15/04/2024 300,000 303,288 0.75BMW Finance 0.875% 03/04/2025 100,000 101,332 0.25Daimler 0.500% 09/09/2019 300,000 303,051 0.75Daimler 0.875% 12/01/2021 200,000 204,440 0.51Daimler 0.750% 11/05/2023 200,000 203,222 0.50Daimler 0.850% 28/02/2025 125,000 125,404 0.31Daimler 1.500% 09/03/2026 200,000 208,824 0.52Daimler 1.000% 15/11/2027 100,000 98,454 0.24Daimler 1.375% 11/05/2028 100,000 101,114 0.25Daimler 1.500% 03/07/2029 200,000 202,220 0.50Daimler 2.125% 03/07/2037 100,000 102,050 0.25Daimler International Finance 15/03/2019 (zero coupon) 100,000 100,165 0.25RCI Banque 0.375% 10/07/2019 100,000 100,581 0.25RCI Banque 0.625% 10/11/2021 300,000 302,067 0.75RCI Banque 0.750% 26/09/2022 100,000 100,706 0.25RCI Banque 0.500% 15/09/2023 200,000 196,482 0.49RCI Banque 1.625% 11/04/2025 100,000 103,558 0.26Renault 1.000% 08/03/2023 100,000 101,597 0.25

Auto Parts & Equipment (0.26%) Valeo 1.625% 18/03/2026 100,000 104,569 0.26

Banks (30.59%) ABN AMRO Bank 0.750% 09/06/2020 50,000 50,900 0.13ABN AMRO Bank 0.625% 31/05/2022 100,000 101,590 0.25ABN AMRO Bank 1.000% 16/04/2025 100,000 101,915 0.25ABN AMRO Bank 2.875% 18/01/2028 300,000 326,529 0.81Achmea Bank 1.125% 25/04/2022 100,000 102,573 0.25Banco Bilbao Vizcaya Argentaria 1.000% 20/01/2021 100,000 102,508 0.25Banco Bilbao Vizcaya Argentaria 0.625% 17/01/2022 100,000 100,867 0.25Banco Bilbao Vizcaya Argentaria 0.750% 11/09/2022 200,000 200,296 0.50Banco Bilbao Vizcaya Argentaria 3.500% 10/02/2027 100,000 112,530 0.28Banco de Sabadell 0.875% 05/03/2023 100,000 99,063 0.24Banco Santander 1.375% 09/02/2022 100,000 103,131 0.26Banque Federative du Credit Mutuel 0.250% 14/06/2019 200,000 201,124 0.50Banque Federative du Credit Mutuel 0.375% 13/01/2022 100,000 100,416 0.25Banque Federative du Credit Mutuel 3.000% 11/09/2025 200,000 222,606 0.55Banque Federative du Credit Mutuel 1.625% 19/01/2026 200,000 211,348 0.52Banque Federative du Credit Mutuel 1.875% 04/11/2026 200,000 204,826 0.51Banque Federative du Credit Mutuel 1.250% 26/05/2027 100,000 101,929 0.25Banque Federative du Credit Mutuel 1.625% 15/11/2027 100,000 98,942 0.24Belfius Bank 3.125% 11/05/2026 100,000 109,596 0.27Berlin Hyp 0.500% 26/09/2023 100,000 99,514 0.25Berlin Hyp 1.125% 25/10/2027 100,000 99,152 0.25BNP Paribas 0.500% 01/06/2022 100,000 100,891 0.25BNP Paribas 1.125% 15/01/2023 100,000 103,426 0.26BNP Paribas 1.000% 27/06/2024 100,000 100,908 0.25BNP Paribas 2.375% 17/02/2025 300,000 321,093 0.79BNP Paribas 1.500% 17/11/2025 100,000 103,332 0.26BNP Paribas 1.625% 23/02/2026 200,000 211,924 0.52BNP Paribas 2.250% 11/01/2027 200,000 210,412 0.52BNP Paribas 1.500% 23/05/2028 100,000 100,446 0.25BNP Paribas 1.500% 25/05/2028 100,000 103,849 0.26BPCE 0.625% 20/04/2020 100,000 101,430 0.25BPCE 0.375% 05/10/2023 100,000 99,092 0.24BPCE 2.875% 22/04/2026 200,000 221,176 0.55BPCE 1.000% 05/10/2028 100,000 98,514 0.24




335


NominalMarket

Value EUR % of

Net Assets

Banks (30.59%) (continued) BPE Financiaciones 2.000% 03/02/2020 100,000 103,750 0.26CaixaBank 1.125% 12/01/2023 100,000 99,696 0.25CaixaBank 1.125% 17/05/2024 100,000 100,382 0.25Commerzbank 0.625% 14/03/2019 100,000 100,864 0.25Commerzbank 1.500% 21/09/2022 100,000 105,072 0.26Commerzbank 0.500% 13/09/2023 100,000 98,994 0.24Commerzbank 4.000% 23/03/2026 100,000 113,544 0.28Commerzbank 4.000% 30/03/2027 100,000 114,266 0.28Cooperatieve Rabobank 0.125% 11/10/2021 100,000 100,085 0.25Cooperatieve Rabobank 0.500% 06/12/2022 100,000 100,727 0.25Cooperatieve Rabobank 1.250% 23/03/2026 200,000 206,246 0.51Cooperatieve Rabobank 1.375% 03/02/2027 100,000 103,533 0.26Credit Agricole 0.750% 01/12/2022 200,000 203,344 0.50Credit Agricole 1.000% 16/09/2024 300,000 305,973 0.76Credit Agricole 1.250% 14/04/2026 200,000 205,220 0.51Credit Agricole 1.875% 20/12/2026 400,000 420,596 1.04Credit Mutuel Arkea 3.250% 01/06/2026 100,000 111,187 0.27Credit Mutuel Arkea 3.500% 09/02/2029 100,000 113,242 0.28de Volksbank 3.750% 05/11/2025 100,000 108,355 0.27Deutsche Bank 1.500% 20/01/2022 400,000 413,344 1.02Deutsche Bank 1.125% 17/03/2025 100,000 99,627 0.25Deutsche Kreditbank 0.625% 08/06/2021 100,000 101,391 0.25Deutsche Pfandbriefbank 1.250% 04/02/2019 150,000 152,049 0.38Deutsche Pfandbriefbank 1.125% 27/04/2020 100,000 102,142 0.25ING Bank 0.700% 16/04/2020 200,000 203,338 0.50ING Bank 0.750% 22/02/2021 200,000 204,114 0.51ING Groep 0.750% 09/03/2022 100,000 101,385 0.25ING Groep 1.375% 11/01/2028 100,000 99,456 0.25ING Groep 3.000% 11/04/2028 200,000 219,108 0.54ING Groep 1.625% 26/09/2029 100,000 100,200 0.25Intesa Sanpaolo 1.125% 14/01/2020 300,000 306,342 0.76Intesa Sanpaolo 1.125% 04/03/2022 200,000 204,444 0.51Intesa Sanpaolo 1.375% 18/01/2024 100,000 102,542 0.25KBC Groep 1.000% 26/04/2021 200,000 204,866 0.51KBC Group 0.750% 01/03/2022 200,000 202,288 0.50KBC Group 1.000% 11/03/2027 100,000 103,356 0.26NIBC Bank 2.250% 24/09/2019 100,000 103,587 0.26Santander International Debt 1.375% 03/03/2021 200,000 207,542 0.51Santander Issuances 3.250% 04/04/2026 300,000 330,036 0.82Santander Issuances 3.125% 19/01/2027 200,000 218,236 0.54Societe Generale 0.750% 19/02/2021 100,000 101,993 0.25Societe Generale 0.125% 05/10/2021 100,000 99,725 0.25Societe Generale 1.000% 01/04/2022 300,000 306,492 0.76Societe Generale 0.500% 13/01/2023 100,000 99,230 0.25Societe Generale 2.625% 27/02/2025 100,000 107,924 0.27UniCredit 2.000% 04/03/2023 100,000 106,153 0.26UniCredit 2.125% 24/10/2026 100,000 105,645 0.26Unione di Banche Italiane 0.750% 17/10/2022 100,000 99,652 0.25

Building Materials (2.56%) Cie de Saint-Gobain 1.375% 14/06/2027 100,000 100,890 0.25Compagnie de Saint-Gobain 27/03/2020 (zero coupon) 100,000 99,883 0.25Compagnie de Saint-Gobain 1.000% 17/03/2025 100,000 100,480 0.25CRH Finance 1.375% 18/10/2028 100,000 98,238 0.24HeidelbergCement 2.250% 30/03/2023 100,000 107,629 0.27HeidelbergCement 2.250% 03/06/2024 200,000 215,174 0.53HeidelbergCement Finance Luxembourg 0.500% 18/01/2021 100,000 100,984 0.25HeidelbergCement Finance Luxembourg 1.625% 07/04/2026 100,000 102,962 0.26Imerys 2.000% 10/12/2024 100,000 106,496 0.26

Chemicals (3.83%) Air Liquide Finance 0.125% 13/06/2020 100,000 100,355 0.25Air Liquide Finance 0.750% 13/06/2024 100,000 101,159 0.25Air Liquide Finance 1.000% 08/03/2027 100,000 100,907 0.25Air Liquide Finance 1.250% 13/06/2028 100,000 102,062 0.25Akzo Nobel 1.125% 08/04/2026 100,000 100,308 0.25Arkema 1.500% 20/01/2025 100,000 103,858 0.26




336


NominalMarket

Value EUR % of

Net Assets

Chemicals (3.83%) (continued) Arkema 1.500% 20/04/2027 100,000 102,338 0.25Evonik Finance 08/03/2021 (zero coupon) 250,000 248,673 0.62Evonik Finance 0.375% 07/09/2024 100,000 97,168 0.24Koninklijke DSM NV 1.000% 09/04/2025 175,000 178,057 0.44LANXESS 1.000% 07/10/2026 100,000 99,051 0.24Linde Finance 1.000% 20/04/2028 100,000 100,687 0.25Solvay 2.750% 02/12/2027 100,000 111,964 0.28

Commercial Services (4.91%) Abertis Infraestructuras 1.375% 20/05/2026 200,000 199,318 0.50ALD 0.875% 18/07/2022 100,000 101,211 0.25APRR 1.125% 15/01/2021 200,000 205,454 0.51APRR 1.125% 09/01/2026 100,000 101,340 0.25APRR 1.875% 06/01/2031 100,000 105,062 0.26Atlantia 1.875% 13/07/2027 150,000 152,955 0.38Autoroutes du Sud de la France 1.125% 20/04/2026 100,000 101,533 0.25Autostrade per l'Italia 1.750% 01/02/2027 200,000 207,108 0.51Autostrade per l'Italia 1.875% 26/09/2029 100,000 102,133 0.25Compagnie Financiere et Industrielle des Autoroutes 0.375% 07/02/2025 200,000 194,002 0.48Compagnie Financiere et Industrielle des Autoroutes 0.750% 09/09/2028 100,000 95,175 0.24Edenred 1.375% 10/03/2025 100,000 102,395 0.25Holdings d'Infrastructures de Transport 0.625% 27/03/2023 100,000 99,707 0.25SANEF 1.875% 16/03/2026 100,000 106,089 0.26Societe Des Autoroutes Paris-Rhin-Rhone 1.875% 15/01/2025 100,000 106,811 0.27

Computers (0.75%) Capgemini 0.500% 09/11/2021 300,000 302,412 0.75

Cosmetics & Personal Care (1.24%) Unilever 0.500% 29/04/2024 200,000 199,152 0.49Unilever 0.875% 31/07/2025 200,000 201,480 0.50Unilever 1.125% 29/04/2028 100,000 101,188 0.25

Diversified Financial Services (2.42%) Deutsche Boerse 1.625% 08/10/2025 100,000 108,092 0.27Deutsche Boerse 2.750% 05/02/2041 50,000 53,579 0.13LeasePlan 1.375% 24/09/2018 100,000 101,163 0.25LeasePlan 1.000% 24/05/2021 100,000 101,996 0.25Santander Consumer Finance 0.750% 03/04/2019 200,000 201,916 0.50Santander Consumer Finance 1.000% 26/05/2021 200,000 204,566 0.51Santander Consumer Finance 0.875% 24/01/2022 100,000 101,414 0.25Servizi Assicurativi del Commercio Estero 3.875% Perpetual 100,000 105,722 0.26

Electric (2.12%) Elia System Operator 1.375% 27/05/2024 100,000 103,476 0.26Eurogrid 1.500% 18/04/2028 200,000 203,798 0.50Iren 0.875% 04/11/2024 100,000 98,584 0.24Red Electrica Financiaciones 1.125% 24/04/2025 100,000 102,057 0.25Ren Finance 1.750% 01/06/2023 100,000 105,108 0.26Terna Rete Elettrica Nazionale 1.375% 26/07/2027 100,000 100,355 0.25Terna Rete Elettrica Nazionale 1.000% 11/10/2028 150,000 143,826 0.36

Electrical Components & Equipment (1.01%) Legrand 1.875% 06/07/2032 100,000 105,984 0.26Schneider Electric 1.500% 08/09/2023 100,000 105,129 0.26Schneider Electric 0.250% 09/09/2024 100,000 96,738 0.24Schneider Electric 0.875% 13/12/2026 100,000 98,409 0.25

Electronics (0.25%) Koninklijke Philips 0.500% 06/09/2023 100,000 100,203 0.25

Engineering & Construction (0.75%) Aeroporti di Roma 1.625% 08/06/2027 100,000 102,118 0.25Bouygues 1.375% 07/06/2027 100,000 102,465 0.25Ferrovial Emisiones 0.375% 14/09/2022 100,000 99,431 0.25




337


NominalMarket

Value EUR % of

Net Assets

Food (3.25%) Auchan Holding 1.750% 23/04/2021 100,000 105,206 0.26Carrefour 0.750% 26/04/2024 200,000 199,346 0.49Danone 0.167% 03/11/2020 200,000 200,810 0.50Danone 0.424% 03/11/2022 100,000 100,243 0.25Danone 0.709% 03/11/2024 100,000 100,084 0.25Danone 1.208% 03/11/2028 300,000 300,432 0.74Kerry Group Financial Services 2.375% 10/09/2025 100,000 109,930 0.27Koninklijke Ahold Delhaize 0.875% 19/09/2024 100,000 100,175 0.25Sodexo 0.750% 14/04/2027 100,000 97,064 0.24

Gas (2.49%) Enagas Financiaciones 1.375% 05/05/2028 200,000 200,714 0.50Galp Gas Natural Distribuicao 1.375% 19/09/2023 100,000 102,778 0.25Italgas 0.500% 19/01/2022 100,000 100,728 0.25Italgas 1.625% 19/01/2027 100,000 103,849 0.26Italgas 1.625% 18/01/2029 100,000 100,466 0.25Snam 25/10/2020 (zero coupon) 200,000 199,702 0.49Snam 0.875% 25/10/2026 100,000 97,301 0.24Snam 1.375% 25/10/2027 100,000 100,141 0.25

Holding Companies - Diversified Operations (0.26%) Wendel 2.500% 09/02/2027 100,000 106,680 0.26

Household Products (0.25%) Henkel & Co 13/09/2021 (zero coupon) 100,000 99,869 0.25

Insurance (6.62%) Achmea 4.250% Perpetual 100,000 108,825 0.27Aegon 4.000% 25/04/2044 125,000 140,461 0.35Allianz 2.241% 07/07/2045 200,000 208,032 0.52Allianz 3.099% 06/07/2047 100,000 109,465 0.27Allianz Finance II 21/04/2020 (zero coupon) 100,000 100,308 0.25Allianz Finance II 0.250% 06/06/2023 100,000 99,346 0.25Allianz Finance II 1.375% 21/04/2031 100,000 100,065 0.25Assicurazioni Generali 5.500% 27/10/2047 100,000 120,017 0.30Assicurazioni Generali 5.000% 08/06/2048 100,000 115,485 0.29AXA 3.375% 06/07/2047 100,000 110,825 0.27AXA 3.875% Perpetual 100,000 113,275 0.28AXA 1.000% Perpetual 100,000 113,303 0.28BNP Paribas Cardif 4.032% Perpetual 100,000 112,953 0.28CNP Assurances 1.875% 20/10/2022 100,000 105,519 0.26CNP Assurances 4.500% 10/06/2047 100,000 118,392 0.29Credit Agricole Assurances 4.750% 27/09/2048 200,000 237,638 0.59Groupama 6.000% 23/01/2027 100,000 126,069 0.31Mapfre 1.625% 19/05/2026 100,000 102,339 0.25Mapfre 4.375% 31/03/2047 100,000 113,773 0.28NN Group 1.625% 01/06/2027 100,000 102,540 0.25NN Group 4.625% 13/01/2048 100,000 116,495 0.29Talanx 2.250% 05/12/2047 100,000 98,250 0.24

Investment Companies (0.40%) EXOR 2.125% 02/12/2022 150,000 159,985 0.40

Lodging (0.25%) Accor 1.250% 25/01/2024 100,000 100,918 0.25

Media (1.28%) Bertelsmann & Co 0.250% 26/05/2021 100,000 100,409 0.25Bertelsmann & Co 1.125% 27/04/2026 100,000 101,578 0.25Bertelsmann & Co 3.500% 23/04/2075 100,000 105,144 0.26Vivendi 1.125% 24/11/2023 100,000 101,945 0.25Vivendi 1.875% 26/05/2026 100,000 106,220 0.27

Oil & Gas (5.10%) OMV 0.600% 19/11/2018 100,000 100,690 0.25OMV 1.000% 14/12/2026 100,000 98,761 0.24OMV 5.250% Perpetual 75,000 85,332 0.21




338


NominalMarket

Value EUR % of

Net Assets

Oil & Gas (5.10%) (continued) OMV 6.250% Perpetual 75,000 93,980 0.23Repsol International Finance 2.125% 16/12/2020 100,000 105,855 0.26Total 2.250% Perpetual 300,000 313,482 0.78Total 2.625% Perpetual 300,000 315,798 0.78Total 2.708% Perpetual 150,000 160,155 0.40Total 3.369% Perpetual 150,000 164,541 0.41Total 3.875% Perpetual 100,000 112,129 0.28Total Capital Canada 1.125% 18/03/2022 100,000 103,719 0.26Total Capital Canada 2.125% 18/09/2029 100,000 110,161 0.27Total Capital International 0.250% 12/07/2023 100,000 99,060 0.25Total Capital International 0.750% 12/07/2028 200,000 193,800 0.48

Pharmaceuticals & Biotechnology (1.84%) Merck Financial Services 0.750% 02/09/2019 150,000 151,886 0.37Sanofi 13/01/2020 (zero coupon) 200,000 200,438 0.50Sanofi 0.625% 05/04/2024 100,000 100,880 0.25Sanofi 0.500% 13/01/2027 300,000 290,823 0.72

Real Estate (2.05%) Vonovia Finance 0.750% 25/01/2022 300,000 303,804 0.75Vonovia Finance 2.125% 09/07/2022 200,000 213,976 0.53Vonovia Finance 2.250% 15/12/2023 100,000 108,154 0.27Vonovia Finance 1.125% 08/09/2025 100,000 99,668 0.25Vonovia Finance 1.750% 25/01/2027 100,000 103,041 0.25

Real Estate Investment Trusts (4.00%) Fonciere Des Regions 1.875% 20/05/2026 100,000 104,430 0.26Gecina 1.375% 30/06/2027 100,000 101,584 0.25Gecina 1.375% 26/01/2028 100,000 100,519 0.25Gecina 1.000% 30/01/2029 100,000 95,253 0.24ICADE 1.125% 17/11/2025 200,000 199,634 0.49Inmobiliaria Colonial 1.450% 28/10/2024 100,000 99,690 0.25Klepierre 1.000% 17/04/2023 100,000 102,476 0.25Klepierre 1.375% 16/02/2027 100,000 102,193 0.25Klepierre 1.625% 13/12/2032 100,000 97,902 0.24Societe Fonciere Lyonnaise 1.875% 26/11/2021 100,000 105,262 0.26Unibail-Rodamco 0.875% 21/02/2025 100,000 100,498 0.25Unibail-Rodamco 1.375% 09/03/2026 100,000 103,147 0.26Unibail-Rodamco 1.125% 28/04/2027 100,000 99,821 0.25Unibail-Rodamco 2.000% 28/04/2036 100,000 102,575 0.25Unibail-Rodamco 2.000% 29/05/2037 100,000 101,096 0.25

Retail (0.25%) Kering 1.250% 10/05/2026 100,000 102,351 0.25

Semiconductors (0.90%) ASML Holding 1.375% 07/07/2026 250,000 258,817 0.64Infineon Technologies 1.500% 10/03/2022 100,000 104,766 0.26

Software (0.51%) Amadeus Capital Markets 0.125% 06/10/2020 100,000 99,964 0.25SAP 1.000% 01/04/2025 100,000 103,660 0.26

Telecommunications (5.77%) Deutsche Telekom International Finance 0.250% 19/04/2021 100,000 100,436 0.25Deutsche Telekom International Finance 0.375% 30/10/2021 150,000 150,882 0.37Deutsche Telekom International Finance 0.625% 03/04/2023 100,000 100,794 0.25Deutsche Telekom International Finance 0.875% 30/01/2024 275,000 278,864 0.69Deutsche Telekom International Finance 1.125% 22/05/2026 100,000 101,117 0.25Deutsche Telekom International Finance 1.500% 03/04/2028 200,000 203,898 0.51Koninklijke 1.125% 11/09/2028 100,000 96,632 0.24Orange 1.500% 09/09/2027 100,000 103,998 0.26Orange 5.000% Perpetual 150,000 177,933 0.44Telefonica Emisiones 0.318% 17/10/2020 100,000 100,579 0.25Telefonica Emisiones 0.750% 13/04/2022 200,000 202,768 0.50Telefonica Emisiones 1.528% 17/01/2025 200,000 206,848 0.51Telefonica Emisiones 1.460% 13/04/2026 100,000 101,584 0.25




339


NominalMarket

Value EUR % of

Net Assets

Telecommunications (5.77%) (continued) Telefonica Emisiones 1.715% 12/01/2028 200,000 202,730 0.50Telefonica Emisiones 1.930% 17/10/2031 100,000 98,848 0.25Telekom Finanzmanagement GmbH 1.500% 07/12/2026 100,000 102,687 0.25

Transportation (0.26%) Deutsche Post 1.250% 01/04/2026 100,000 103,131 0.26

Water (2.13%) FCC Aqualia 2.629% 08/06/2027 150,000 154,959 0.39Suez 1.000% 03/04/2025 100,000 101,549 0.25Suez 1.250% 19/05/2028 100,000 100,944 0.25Suez 1.625% 21/09/2032 100,000 101,420 0.25Suez 2.875% 31/12/2099 100,000 105,769 0.26Veolia Eironnement 0.314% 04/10/2023 100,000 98,204 0.24Veolia Environnement 0.672% 30/03/2022 100,000 101,266 0.25Veolia Environnement 0.927% 04/01/2029 100,000 95,764 0.24 Total Corporate Bonds 39,923,654 98.89 TOTAL INVESTMENTS (Cost EUR 38,986,338) 39,923,654 98.89





EUR % of Net Assets

CHF 892,000 EUR 762,386 03 January 2018 (110) (0.00)CHF 286,000 EUR 244,897 03 January 2018 (490) (0.00)CHF 892,000 EUR 762,385 03 January 2018 (109) (0.00)CHF 286,000 EUR 244,897 03 January 2018 (490) (0.00) Total Forward Foreign Exchange Contracts (1,199) (0.00)

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF Annual report as of 31 December 2017


340


NominalMarket

Value USD % of

Net Assets

Corporate Bonds

Banks (3.38%) Banco do Brasil 6.000% 22/01/2020 100,000 105,752 0.04Banco do Brasil 5.375% 15/01/2021 200,000 205,666 0.08Banco do Brasil 8.500% Perpetual 100,000 109,358 0.04Banco Nacional de Comercio Exterior 3.800% 11/08/2026 200,000 199,908 0.08Banco Nacional de Costa Rica 6.250% 01/11/2023 400,000 422,144 0.17Bank of Baroda 4.875% 23/07/2019 400,000 411,856 0.16Bank of China 2.875% 20/04/2022 200,000 198,564 0.08Bank of China 5.000% 13/11/2024 200,000 213,616 0.08Bank of India 3.125% 06/05/2020 200,000 199,042 0.08Bank of India 6.250% 16/02/2021 200,000 215,854 0.09Canara Bank 3.250% 10/08/2022 200,000 199,292 0.08China Construction Bank 3.875% 13/05/2025 200,000 201,824 0.08China Development Bank 2.625% 24/01/2022 200,000 198,048 0.08CITIC 3.875% 28/02/2027 200,000 200,454 0.08Development Bank of Kazakhstan 4.125% 10/12/2022 402,000 413,907 0.16Finansbank 4.875% 19/05/2022 200,000 196,390 0.08Gazprombank Via GPB Eurobond Finance 7.250% 03/05/2019 200,000 208,138 0.08IDBI Bank Via DIFC Dubai 4.375% 26/03/2018 200,000 200,716 0.08Industrial & Commercial Bank of China 2.405% 21/02/2022 200,000 200,710 0.08Industrial & Commercial Bank of China 2.875% 21/02/2022 200,000 198,470 0.08Industrial & Commercial Bank of China 4.875% 21/09/2025 200,000 212,214 0.08Krung Thai Bank 5.200% 26/12/2024 273,000 281,190 0.11Malayan Banking 3.905% 29/10/2026 200,000 204,388 0.08Sberbank of Russia Via SB Capital 5.717% 16/06/2021 402,000 432,339 0.17Sberbank of Russia Via SB Capital 6.125% 07/02/2022 200,000 218,162 0.09State Bank of India 3.622% 17/04/2019 200,000 202,268 0.08State Bank of India 2.297% 06/04/2020 200,000 200,436 0.08State Bank of India 4.875% 17/04/2024 200,000 217,130 0.09State Savings Bank of Ukraine Via State Savings Bank No 1 9.375% 10/03/2023 200,000 214,028 0.08State Savings Bank of Ukraine Via State Savings Bank No 1 9.625% 20/03/2025 200,000 215,052 0.09TC Ziraat Bankasi 5.125% 29/09/2023 210,000 204,655 0.08Trade & Development Bank of Mongolia 9.375% 19/05/2020 200,000 219,302 0.09Turkiye Halk Bankasi 3.875% 05/02/2020 202,000 193,205 0.08Turkiye Vakiflar Bankasi 5.625% 30/05/2022 200,000 199,418 0.08Vnesheconombank Via VEB Finance 6.902% 09/07/2020 400,000 432,280 0.17Vnesheconombank Via VEB Finance 6.800% 22/11/2025 126,000 143,998 0.06VTB Bank Via VTB Capital 6.950% 17/10/2022 200,000 216,374 0.09

Chemicals (0.79%) Bluestar Finance Holdings 4.375% 29/12/2049 200,000 201,110 0.08CNAC HK Finbridge 4.125% 19/07/2027 200,000 200,442 0.08OCP 5.625% 25/04/2024 500,000 536,170 0.21OCP 4.500% 22/10/2025 400,000 400,948 0.16OCP 4.500% 22/10/2025 200,000 200,474 0.08OCP 6.875% 25/04/2044 402,000 461,174 0.18

Diversified Financial Services (1.10%) Cagamas Global 2.530% 26/04/2020 200,000 198,672 0.08China Cinda Finance 2017 I 3.650% 09/03/2022 200,000 202,262 0.08China Great Wall International Holdings III 2.750% 31/08/2020 200,000 197,804 0.08China Great Wall International Holdings III 3.125% 31/08/2022 200,000 197,174 0.08Huarong Finance 2017 3.750% 27/04/2022 440,000 444,026 0.18ICBCIL Finance 3.000% 05/04/2020 200,000 199,492 0.08Power Sector Assets & Liabilities Management 7.390% 02/12/2024 584,000 745,354 0.30SPARC EM SPC Panama Metro Line 2 05/12/2022 (zero coupon) 400,000 366,700 0.14SSG Resources 4.250% 04/10/2022 202,000 209,704 0.08

Electric (1.89%) Comision Federal de Electricidad 4.875% 15/01/2024 200,000 213,340 0.09Comision Federal de Electricidad 4.750% 23/02/2027 200,000 209,568 0.08Empresa de Energia de Bogota 6.125% 10/11/2021 200,000 204,000 0.08Eskom Holdings 5.750% 26/01/2021 400,000 396,008 0.16Eskom Holdings SOC 5.750% 26/01/2021 200,000 198,004 0.08Eskom Holdings SOC 6.750% 06/08/2023 378,000 385,961 0.15Eskom Holdings SOC 7.125% 11/02/2025 300,000 307,695 0.12



341


NominalMarket

Value USD % of

Net Assets

Electric (1.89%) (continued) Greenko Investment 4.875% 16/08/2023 200,000 198,214 0.08Hrvatska Elektroprivreda 5.875% 23/10/2022 200,000 221,450 0.09Majapahit Holding 7.750% 20/01/2020 240,000 263,006 0.10NTPC 4.750% 03/10/2022 200,000 213,750 0.09NTPC 4.375% 26/11/2024 200,000 211,722 0.08NTPC 4.250% 26/02/2026 200,000 206,520 0.08Pampa Energia 7.375% 21/07/2023 62,000 67,743 0.03Perusahaan Listrik Negara 4.125% 15/05/2027 250,000 250,003 0.10Perusahaan Listrik Negara 5.250% 24/10/2042 200,000 207,670 0.08Power Grid of India 3.875% 17/01/2023 200,000 205,744 0.08State Grid Overseas Investment 2016 2.125% 18/05/2021 200,000 195,632 0.08State Grid Overseas Investment 2016 2.750% 04/05/2022 200,000 198,414 0.08TNB Global Ventures Capital 3.244% 19/10/2026 200,000 194,900 0.08Trinidad Generation 5.250% 04/11/2027 200,000 204,428 0.08

Engineering & Construction (0.33%) Aeropuerto Internacional de Tocumen 5.625% 18/05/2036 400,000 432,000 0.17Mexico City Airport Trust 5.500% 31/10/2046 200,000 197,888 0.08Mexico City Airport Trust 5.500% 31/07/2047 200,000 197,664 0.08

Gas (0.08%) Perusahaan Gas Negara Persero 5.125% 16/05/2024 200,000 214,956 0.08

Investment Companies (0.08%) Huarong Finance II 2.875% 19/11/2018 200,000 199,842 0.08

Mining (1.68%) Chinalco Capital Holdings 4.250% 21/04/2022 200,000 200,496 0.08Corporacion Nacional del Cobre de Chile 3.000% 17/07/2022 534,000 533,194 0.21Corporacion Nacional del Cobre de Chile 4.500% 16/09/2025 840,000 902,958 0.36Corporacion Nacional del Cobre de Chile 3.625% 01/08/2027 770,000 770,832 0.30Corporacion Nacional del Cobre de Chile 6.150% 24/10/2036 115,000 145,974 0.06Corporacion Nacional del Cobre de Chile 4.250% 17/07/2042 970,000 1,005,385 0.40Corporacion Nacional del Cobre de Chile 4.875% 04/11/2044 200,000 226,790 0.09Corporacion Nacional del Cobre de Chile 4.500% 01/08/2047 415,000 446,490 0.18

Oil & Gas (9.03%) Bharat Petroleum 4.625% 25/10/2022 200,000 211,928 0.08Bharat Petroleum 4.000% 08/05/2025 200,000 203,886 0.08BPRL International Singapore Pte 4.375% 18/01/2027 200,000 206,806 0.08CNOOC Finance 2015 USA 3.500% 05/05/2025 200,000 202,066 0.08CNPC General Capital 2.750% 14/05/2019 200,000 200,360 0.08Ecopetrol 7.625% 23/07/2019 101,000 108,347 0.04Ecopetrol 5.875% 18/09/2023 921,000 1,018,865 0.41Ecopetrol 4.125% 16/01/2025 240,000 242,172 0.10Ecopetrol 7.375% 18/09/2043 90,000 108,419 0.04Ecopetrol 5.875% 28/05/2045 510,000 524,040 0.21Empresa Nacional del Petroleo 4.750% 06/12/2021 309,000 328,615 0.13Gazprom Neft OAO Via GPN Capital 4.375% 19/09/2022 200,000 204,834 0.08Gazprom OAO Via Gaz Capital 4.950% 19/07/2022 200,000 209,438 0.08Gazprom OAO Via Gaz Capital 8.625% 28/04/2034 335,000 456,092 0.18Gazprom OAO Via Gaz Capital 7.288% 16/08/2037 180,000 222,266 0.09Gazprom Via Gaz Capital 9.250% 23/04/2019 100,000 107,958 0.04Gazprom Via Gaz Capital 6.510% 07/03/2022 200,000 221,498 0.09Hindustan Petroleum 4.000% 12/07/2027 200,000 201,078 0.08Indian Oil 5.625% 02/08/2021 200,000 217,322 0.09Indian Oil 5.750% 01/08/2023 200,000 223,060 0.09KazMunayGas National 9.125% 02/07/2018 295,000 304,045 0.12KazMunayGas National 7.000% 05/05/2020 260,000 281,785 0.11KazMunayGas National 6.375% 09/04/2021 610,000 666,279 0.27KazMunayGas National 3.875% 19/04/2022 350,000 355,715 0.14KazMunayGas National 4.750% 19/04/2027 220,000 231,961 0.09KazMunayGas National 5.750% 30/04/2043 220,000 235,831 0.09KazMunayGas National 5.750% 19/04/2047 400,000 427,576 0.17Oil India 5.375% 17/04/2024 200,000 221,490 0.09Oil India International 4.000% 21/04/2027 200,000 201,300 0.08ONGC Videsh 3.750% 07/05/2023 402,000 409,570 0.16



342


NominalMarket

Value USD % of

Net Assets

Oil & Gas (9.03%) (continued) ONGC Videsh Vankorneft 3.750% 27/07/2026 400,000 399,564 0.16Pertamina Persero 4.875% 03/05/2022 200,000 212,754 0.09Pertamina Persero 6.500% 27/05/2041 300,000 360,711 0.14Pertamina Persero 6.450% 30/05/2044 200,000 239,798 0.10Petroamazonas 4.625% 06/11/2020 1,375,000 1,340,625 0.53Petrobras Global Finance 5.375% 27/01/2021 515,000 537,212 0.21Petrobras Global Finance 6.125% 17/01/2022 516,000 548,054 0.22Petrobras Global Finance 5.299% 27/01/2025 609,000 610,614 0.24Petrobras Global Finance 7.375% 17/01/2027 415,000 457,122 0.18Petrobras Global Finance 5.625% 20/05/2043 160,000 143,088 0.06Petrobras Global Finance 7.250% 17/03/2044 385,000 400,435 0.16Petrobras Global Finance 6.850% 31/12/2099 150,000 144,336 0.06Petroleos de Venezuela 12.750% 17/02/2022 83,000 23,033 0.01Petroleos de Venezuela 6.000% 16/05/2024 940,000 210,325 0.08Petroleos de Venezuela 5.375% 12/04/2027 117,000 27,203 0.01Petroleos de Venezuela 9.750% 17/05/2035 69,000 18,630 0.01Petroleos del Peru 4.750% 19/06/2032 600,000 609,846 0.24Petroleos del Peru 5.625% 19/06/2047 500,000 525,505 0.21Petroleos Mexicanos 3.500% 30/01/2023 125,000 122,523 0.05Petroleos Mexicanos 6.750% 21/09/2047 556,000 582,321 0.23Petroleum of Trinidad & Tobago 9.750% 14/08/2019 509,000 542,823 0.22Petroliam Nasional 7.625% 15/10/2026 440,000 584,879 0.23Petronas Capital 5.250% 12/08/2019 1,308,000 1,364,166 0.54Petronas Capital 7.875% 22/05/2022 675,000 814,009 0.32PTT Global Chemical 4.500% 25/10/2042 200,000 209,294 0.08Rosneft Finance 7.250% 02/02/2020 102,000 110,021 0.04Rosneft Oil via Rosneft International Finance 4.199% 06/03/2022 200,000 202,006 0.08Saka Energi Indonesia 4.450% 05/05/2024 200,000 203,244 0.08Sinopec Group Overseas Development 2015 2.500% 28/04/2020 400,000 397,980 0.16Sinopec Group Overseas Development 2016 2.750% 03/05/2021 200,000 199,642 0.08Sinopec Group Overseas Development 2017 3.000% 12/04/2022 200,000 199,984 0.08State Oil of the Azerbaijan Republic 4.750% 13/03/2023 600,000 609,078 0.24State Oil of the Azerbaijan Republic 6.950% 18/03/2030 200,000 221,674 0.09State Oil of the Azerbaijan Republic 6.950% 18/03/2030 200,000 221,674 0.09YPF 8.500% 23/03/2021 331,000 374,745 0.15YPF 6.950% 21/07/2027 210,000 222,818 0.09

Pipelines (0.47%) Southern Gas Corridor - US 6.875% 24/03/2026 850,000 965,626 0.38Southern Gas Corridor - XU 6.875% 24/03/2026 200,000 227,206 0.09

Real Estate (0.17%) China Overseas Finance Cayman V 3.950% 15/11/2022 200,000 205,976 0.08Sino-Ocean Land Treasure Finance II 5.950% 04/02/2027 200,000 223,200 0.09

Sovereign Bonds (0.83%) Avi Funding 3.800% 16/09/2025 200,000 205,110 0.08Danga Capital 3.035% 01/03/2021 200,000 199,906 0.08Export Credit Bank of Turkey 5.375% 08/02/2021 200,000 205,084 0.08Indian Railway Finance 3.917% 26/02/2019 200,000 202,662 0.08Indian Railway Finance 3.835% 13/12/2027 200,000 201,942 0.08Instituto Costarricense de Electricidad 6.950% 10/11/2021 400,000 432,808 0.17Ukreximbank Via Biz Finance 9.625% 27/04/2022 410,000 439,061 0.17Ukreximbank Via Biz Finance 9.750% 22/01/2025 200,000 216,328 0.09

Supranational Banks (0.75%) Africa Finance 4.375% 29/04/2020 400,000 411,204 0.16Africa Finance 3.875% 13/04/2024 200,000 201,480 0.08African Export-Import Bank 4.750% 29/07/2019 445,000 455,395 0.18African Export-Import Bank 4.000% 24/05/2021 400,000 405,700 0.16African Export-Import Bank 4.125% 20/06/2024 420,000 424,221 0.17

Telecommunications (0.17%) Axiata SPV2 4.357% 24/03/2026 405,000 427,441 0.17



343


NominalMarket

Value USD % of

Net Assets

Transportation (1.15%) Empresa de Transporte de Pasajeros Metro 4.750% 04/02/2024 200,000 215,660 0.09Georgian Railway 7.750% 11/07/2022 400,000 448,900 0.18Kazakhstan Temir Zholy Finance 6.950% 10/07/2042 500,000 586,165 0.23Kazakhstan Temir Zholy National 4.850% 17/11/2027 400,000 417,124 0.16Pelabuhan Indonesia II 4.250% 05/05/2025 200,000 204,746 0.08Russian Railways via RZD Capital 5.700% 05/04/2022 200,000 217,282 0.09SCF Capital 5.375% 16/06/2023 200,000 207,240 0.08Transnet 4.000% 26/07/2022 400,000 392,352 0.16Ukraine Railways via Shortline 9.875% 15/09/2021 200,000 212,492 0.08 Total Corporate Bonds 55,194,544 21.90

Government Bonds

Banks (0.94%) Banco Nacional de Desenvolvimento Economico e Social 6.500% 10/06/2019 200,000 209,830 0.08Banco Nacional de Desenvolvimento Economico e Social 5.500% 12/07/2020 100,000 105,274 0.04Banque Centrale de Tunisie International Bond 5.750% 30/01/2025 1,000,000 1,001,080 0.40China Development Bank 2.500% 09/10/2020 200,000 198,604 0.08Corp Financiera de Desarrollo 4.750% 15/07/2025 200,000 212,984 0.09Corporacion Financiera de Desarrollo 3.250% 15/07/2019 200,000 201,686 0.08MFB Magyar Fejlesztesi Bank 6.250% 21/10/2020 400,000 436,172 0.17

Electric (0.06%) Philippine Government International Bond 7.750% 14/01/2031 100,000 142,810 0.06

Sovereign Bonds (70.35%) Belarus International Bond 6.875% 28/02/2023 500,000 538,755 0.21Angolan Government International Bond 9.500% 12/11/2025 880,000 1,015,212 0.40Argentina Bonar Bonds 8.750% 07/05/2024 1,490,000 1,720,160 0.68Argentine Republic Government International Bond 6.875% 22/04/2021 900,000 980,298 0.39Argentine Republic Government International Bond 5.625% 26/01/2022 300,000 317,016 0.13Argentine Republic Government International Bond 7.500% 22/04/2026 821,000 929,659 0.37Argentine Republic Government International Bond 6.875% 26/01/2027 436,000 476,722 0.19Argentine Republic Government International Bond 6.625% 06/07/2028 520,000 559,135 0.22Argentine Republic Government International Bond 8.280% 31/12/2033 333,686 395,208 0.16Argentine Republic Government International Bond 8.280% 31/12/2033 64,494 75,726 0.03Argentine Republic Government International Bond - AR 8.280% 31/12/2033 89,730 104,498 0.04Argentine Republic Government International Bond 7.125% 06/07/2036 335,000 363,653 0.14Argentine Republic Government International Bond 1.000% 31/12/2038 382,000 281,538 0.11Argentine Republic Government International Bond 7.625% 22/04/2046 150,000 169,964 0.07Argentine Republic Government International Bond 7.125% 28/06/2049 390,000 403,443 0.16Armenia Government International Bond 6.000% 30/09/2020 200,000 212,584 0.08Armenia Government International Bond 7.150% 26/03/2025 200,000 228,654 0.09Azerbaijan Government International Bond 4.750% 18/03/2024 200,000 206,690 0.08Belize Government International Bond 1.000% 20/02/2034 279,000 167,051 0.07Bolivian Government International Bond 4.875% 29/10/2022 400,000 421,536 0.17Bolivian Government International Bond 4.500% 20/03/2028 600,000 582,366 0.23Brazilian Government International Bond 2.625% 05/01/2023 595,000 573,532 0.23Brazilian Government International Bond 6.000% 07/04/2026 200,000 223,940 0.09Brazilian Government International Bond 4.625% 13/01/2028 719,000 723,300 0.29Brazilian Government International Bond 5.625% 07/01/2041 747,000 764,405 0.30Brazilian Government International Bond 5.000% 27/01/2045 200,000 187,308 0.07Cameroon Government International Bond 9.500% 19/11/2025 400,000 480,504 0.19Chile Government International Bond 3.250% 14/09/2021 385,000 396,323 0.16Chile Government International Bond 2.250% 30/10/2022 300,000 295,869 0.12Chile Government International Bond 3.125% 21/01/2026 510,000 518,287 0.21Chile Government International Bond 3.860% 21/06/2047 600,000 617,766 0.25Colombia Government International Bond 4.375% 12/07/2021 815,000 859,002 0.34Colombia Government International Bond 2.625% 15/03/2023 200,000 195,408 0.08Colombia Government International Bond - LU 4.000% 26/02/2024 200,000 207,504 0.08Colombia Government International Bond - US 4.000% 26/02/2024 400,000 415,008 0.16Colombia Government International Bond 8.125% 21/05/2024 229,000 290,738 0.12Colombia Government International Bond 3.875% 25/04/2027 739,000 753,056 0.30Colombia Government International Bond 10.375% 28/01/2033 70,000 111,521 0.04Colombia Government International Bond 7.375% 18/09/2037 100,000 135,315 0.05Colombia Government International Bond 6.125% 18/01/2041 1,037,000 1,260,473 0.50



344


NominalMarket

Value USD % of

Net Assets

Sovereign Bonds (70.35%) (continued) Colombia Government International Bond 5.625% 26/02/2044 245,000 283,191 0.11Colombia Government International Bond 5.000% 15/06/2045 700,000 745,822 0.30Costa Rica Government International Bond 4.250% 26/01/2023 400,000 389,000 0.15Costa Rica Government International Bond 4.375% 30/04/2025 200,000 192,722 0.08Costa Rica Government International Bond 5.625% 30/04/2043 800,000 710,720 0.28Costa Rica Government International Bond 7.000% 04/04/2044 200,000 207,126 0.08Costa Rica Government International Bond 7.158% 12/03/2045 500,000 524,190 0.21Croatia Government International Bond 6.750% 05/11/2019 235,000 252,334 0.10Croatia Government International Bond 6.625% 14/07/2020 1,200,000 1,307,304 0.52Croatia Government International Bond - US 6.375% 24/03/2021 637,000 700,802 0.28Croatia Government International Bond - XU 6.375% 24/03/2021 200,000 220,032 0.09Croatia Government International Bond - US 5.500% 04/04/2023 455,000 502,220 0.20Croatia Government International Bond - XU 5.500% 04/04/2023 355,000 391,842 0.16Croatia Government International Bond - US 6.000% 26/01/2024 200,000 228,292 0.09Croatia Government International Bond - XU 6.000% 26/01/2024 570,000 650,632 0.26Dominican Republic International Bond 7.500% 06/05/2021 900,000 979,128 0.39Dominican Republic International Bond 6.600% 28/01/2024 600,000 672,354 0.27Dominican Republic International Bond 5.875% 18/04/2024 471,000 509,288 0.20Dominican Republic International Bond - DE 5.500% 27/01/2025 100,000 105,848 0.04Dominican Republic International Bond - US 5.500% 27/01/2025 105,000 111,140 0.04Dominican Republic International Bond 6.875% 29/01/2026 730,000 836,726 0.33Dominican Republic International Bond 5.950% 25/01/2027 1,000,000 1,086,640 0.43Dominican Republic International Bond 7.450% 30/04/2044 819,000 981,834 0.39Dominican Republic International Bond 6.850% 27/01/2045 960,000 1,083,830 0.43Ecuador Government International Bond 10.500% 24/03/2020 220,000 244,048 0.10Ecuador Government International Bond 10.750% 28/03/2022 435,000 511,008 0.20Ecuador Government International Bond 8.750% 02/06/2023 650,000 718,776 0.29Ecuador Government International Bond - US 7.950% 20/06/2024 525,000 559,193 0.22Ecuador Government International Bond - XU 7.950% 20/06/2024 800,000 852,104 0.34Ecuador Government International Bond 9.650% 13/12/2026 952,000 1,094,400 0.43Ecuador Government International Bond - LU 9.625% 02/06/2027 315,000 360,864 0.14Ecuador Government International Bond - US 9.625% 02/06/2027 465,000 532,704 0.21Ecuador Government International Bond 8.875% 23/10/2027 845,000 927,447 0.37Egypt Government International Bond 5.750% 29/04/2020 100,000 104,741 0.04Egypt Government International Bond 6.125% 31/01/2022 1,560,000 1,632,961 0.65Egypt Government International Bond 5.875% 11/06/2025 1,025,000 1,036,367 0.41Egypt Government International Bond 7.500% 31/01/2027 1,765,000 1,953,908 0.78Egypt Government International Bond 6.875% 30/04/2040 345,000 347,998 0.14Egypt Government International Bond 8.500% 31/01/2047 1,070,000 1,231,163 0.49El Salvador Government International Bond 7.375% 01/12/2019 401,000 425,080 0.17El Salvador Government International Bond - US 7.750% 24/01/2023 293,000 322,517 0.13El Salvador Government International Bond - XU 7.750% 24/01/2023 110,000 121,081 0.05El Salvador Government International Bond 5.875% 30/01/2025 562,000 565,810 0.22El Salvador Government International Bond 6.375% 18/01/2027 180,000 184,397 0.07El Salvador Government International Bond 8.625% 28/02/2029 380,000 446,561 0.18El Salvador Government International Bond 8.250% 10/04/2032 326,000 376,334 0.15El Salvador Government International Bond 7.650% 15/06/2035 465,000 505,832 0.20El Salvador Government International Bond 7.625% 01/02/2041 300,000 326,316 0.13Ethiopia Government International Bond 6.625% 11/12/2024 500,000 524,005 0.21Export Credit Bank of Turkey 5.375% 24/10/2023 200,000 202,630 0.08Export-Import Bank of China 2.500% 31/07/2019 200,000 200,008 0.08Export-Import Bank of India 3.875% 02/10/2019 200,000 204,032 0.08Export-Import Bank of India 2.750% 01/04/2020 200,000 199,860 0.08Export-Import Bank of India 3.125% 20/07/2021 480,000 482,371 0.19Export-Import Bank of India 3.375% 05/08/2026 245,000 241,188 0.10Export-Import Bank of Malaysia Bhd 2.480% 20/10/2021 200,000 198,002 0.08Gabon Government International Bond 6.375% 12/12/2024 737,000 748,637 0.30Gabon Government International Bond 6.950% 16/06/2025 400,000 415,108 0.16Georgia Government International Bond 6.875% 12/04/2021 200,000 224,284 0.09Ghana Government International Bond 9.250% 15/09/2022 500,000 567,095 0.22Ghana Government International Bond 7.875% 07/08/2023 250,000 274,550 0.11Ghana Government International Bond 8.125% 18/01/2026 330,000 366,709 0.15Ghana Government International Bond 10.750% 14/10/2030 410,000 564,894 0.22Guatemala Government Bond 5.750% 06/06/2022 200,000 215,628 0.09Guatemala Government Bond 4.500% 03/05/2026 600,000 606,348 0.24Guatemala Government Bond 4.375% 05/06/2027 250,000 250,052 0.10Guatemala Government Bond 4.875% 13/02/2028 200,000 206,992 0.08



345


NominalMarket

Value USD % of

Net Assets

Sovereign Bonds (70.35%) (continued) Hazine Mustesarligi Varlik Kiralama 4.251% 08/06/2021 200,000 201,842 0.08Hazine Mustesarligi Varlik Kiralama 5.004% 06/04/2023 205,000 208,868 0.08Hazine Mustesarligi Varlik Kiralama 4.489% 25/11/2024 400,000 393,036 0.16Honduras Government International Bond 8.750% 16/12/2020 200,000 225,060 0.09Honduras Government International Bond 7.500% 15/03/2024 200,000 224,104 0.09Honduras Government International Bond 6.250% 19/01/2027 450,000 481,572 0.19Hungary Government International Bond 6.250% 29/01/2020 740,000 793,132 0.31Hungary Government International Bond - GB 6.375% 29/03/2021 140,000 155,557 0.06Hungary Government International Bond - US 6.375% 29/03/2021 1,968,000 2,186,684 0.87Hungary Government International Bond 5.375% 21/02/2023 688,000 766,748 0.30Hungary Government International Bond 5.750% 22/11/2023 934,000 1,069,365 0.42Hungary Government International Bond 5.375% 25/03/2024 1,098,000 1,244,561 0.49Hungary Government International Bond 7.625% 29/03/2041 600,000 943,086 0.37Indonesia Government International Bond 5.875% 13/03/2020 300,000 322,302 0.13Indonesia Government International Bond 2.950% 11/01/2023 475,000 472,710 0.19Indonesia Government International Bond 3.375% 15/04/2023 630,000 636,621 0.25Indonesia Government International Bond 5.875% 15/01/2024 245,000 279,030 0.11Indonesia Government International Bond 3.500% 11/01/2028 445,000 444,048 0.18Indonesia Government International Bond 8.500% 12/10/2035 100,000 149,783 0.06Indonesia Government International Bond 6.625% 17/02/2037 200,000 256,440 0.10Indonesia Government International Bond 5.250% 17/01/2042 605,000 679,318 0.27Indonesia Government International Bond 6.750% 15/01/2044 600,000 798,786 0.32Indonesia Government International Bond 4.350% 11/01/2048 215,000 218,468 0.09Iraq International Bond 6.752% 09/03/2023 780,000 798,260 0.32Iraq International Bond - US 5.800% 15/01/2028 500,000 482,465 0.19Iraq International Bond - XU 5.800% 15/01/2028 578,000 557,730 0.22Ivory Coast Government International Bond 5.375% 23/07/2024 200,000 203,724 0.08Ivory Coast Government International Bond 6.375% 03/03/2028 402,000 425,320 0.17Ivory Coast Government International Bond 1.000% 31/12/2032 482,500 482,428 0.19Ivory Coast Government International Bond 5.750% 31/12/2032 909,995 909,858 0.36Ivory Cot Government International Bond 6.125% 15/06/2033 670,000 681,939 0.27Jamaica Government International Bond 7.625% 09/07/2025 400,000 474,444 0.19Jamaica Government International Bond 6.750% 28/04/2028 867,000 983,490 0.39Jamaica Government International Bond 8.000% 15/03/2039 810,000 991,975 0.39Jamaica Government International Bond 7.875% 28/07/2045 400,000 488,832 0.19Jordan Government International Bond 6.125% 29/01/2026 500,000 515,445 0.20Jordan Government International Bond 5.750% 31/01/2027 400,000 397,632 0.16Jordan Government International Bond 7.375% 10/10/2047 600,000 626,988 0.25KazAgro National Management Holding - US 4.625% 24/05/2023 200,000 203,158 0.08KazAgro National Management Holding - XU 4.625% 24/05/2023 200,000 203,158 0.08Kazakhstan Government International Bond 3.875% 14/10/2024 800,000 832,680 0.33Kazakhstan Government International Bond 5.125% 21/07/2025 878,000 979,980 0.39Kazakhstan Government International Bond 6.500% 21/07/2045 985,000 1,265,942 0.50Kenya Government International Bond 5.875% 24/06/2019 400,000 412,484 0.16Kenya Government International Bond 6.875% 24/06/2024 1,000,000 1,066,810 0.42Lebanon Government International Bond - US 5.150% 12/06/2018 200,000 199,752 0.08Lebanon Government International Bond - XU 5.150% 12/06/2018 61,000 60,836 0.02Lebanon Government International Bond 5.150% 12/11/2018 55,000 54,759 0.02Lebanon Government International Bond 5.500% 23/04/2019 75,000 75,009 0.03Lebanon Government International Bond 6.000% 20/05/2019 50,000 50,192 0.02Lebanon Government International Bond - LU 5.450% 28/11/2019 471,000 467,599 0.19Lebanon Government International Bond - US 5.450% 28/11/2019 10,000 9,928 0.00Lebanon Government International Bond - US 6.375% 09/03/2020 100,000 100,051 0.04Lebanon Government International Bond - XU 6.375% 09/03/2020 125,000 125,064 0.05Lebanon Government International Bond 5.800% 14/04/2020 290,000 286,079 0.11Lebanon Government International Bond 8.250% 12/04/2021 596,000 621,515 0.25Lebanon Government International Bond - DE 6.100% 04/10/2022 370,000 360,006 0.14Lebanon Government International Bond - US 6.100% 04/10/2022 100,000 97,299 0.04Lebanon Government International Bond - LU 6.000% 27/01/2023 55,000 52,707 0.02Lebanon Government International Bond - US 6.000% 27/01/2023 202,000 193,579 0.08Lebanon Government International Bond 6.650% 22/04/2024 375,000 366,004 0.15Lebanon Government International Bond 6.250% 04/11/2024 600,000 572,268 0.23Lebanon Government International Bond 6.200% 26/02/2025 180,000 170,008 0.07Lebanon Government International Bond 6.250% 12/06/2025 260,000 245,653 0.10Lebanon Government International Bond - US 6.600% 27/11/2026 540,000 516,305 0.20Lebanon Government International Bond - XU 6.600% 27/11/2026 100,000 95,612 0.04Lebanon Government International Bond 6.850% 23/03/2027 910,000 881,289 0.35



346


NominalMarket

Value USD % of

Net Assets

Sovereign Bonds (70.35%) (continued) Lebanon Government International Bond 6.750% 29/11/2027 101,000 96,378 0.04Lebanon Government International Bond 6.650% 03/11/2028 156,000 146,445 0.06Lebanon Government International Bond 6.650% 26/02/2030 337,000 311,118 0.12Lebanon Government International Bond 7.000% 23/03/2032 100,000 93,885 0.04Lebanon Government International Bond 7.250% 23/03/2037 552,000 514,834 0.20Magyar Export-Import Bank 4.000% 30/01/2020 200,000 204,360 0.08Malaysia Sovereign Sukuk 3.043% 22/04/2025 600,000 603,468 0.24Malaysia Sovereign Sukuk 4.236% 22/04/2045 200,000 219,322 0.09Malaysia Sukuk Global 4.080% 27/04/2046 250,000 265,680 0.11Mexico Government International Bond 3.625% 15/03/2022 364,000 377,472 0.15Mexico Government International Bond 4.000% 02/10/2023 326,000 341,609 0.14Mexico Government International Bond 4.125% 21/01/2026 250,000 261,175 0.10Mexico Government International Bond 4.150% 28/03/2027 400,000 415,560 0.16Mexico Government International Bond 6.750% 27/09/2034 37,000 48,050 0.02Mexico Government International Bond 6.050% 11/01/2040 184,000 217,229 0.09Mexico Government International Bond 4.750% 08/03/2044 830,000 839,578 0.33Mexico Government International Bond - LU 5.550% 21/01/2045 120,000 135,575 0.05Mexico Government International Bond - US 5.550% 21/01/2045 100,000 112,979 0.04Mexico Government International Bond 4.600% 10/02/2048 200,000 198,702 0.08Mexico Government International Bond 5.750% 12/10/2049 56,000 59,329 0.02Mongolia Government International Bond 10.875% 06/04/2021 400,000 469,548 0.19Mongolia Government International Bond 5.125% 05/12/2022 450,000 445,531 0.18Mongolia Government International Bond 5.625% 01/05/2023 500,000 504,670 0.20Mongolia Government International Bond 8.750% 09/03/2024 300,000 345,429 0.14Morocco Government International Bond 4.250% 11/12/2022 845,000 892,151 0.35Morocco Government International Bond 5.500% 11/12/2042 300,000 341,250 0.14Mozambique International Bond 10.500% 18/01/2023 400,000 329,000 0.13Namibia Government International Bond 5.250% 29/10/2025 300,000 306,252 0.12Namibia Government International Bonds 5.500% 03/11/2021 400,000 425,288 0.17Nigeria Government International Bond 6.750% 28/01/2021 200,000 212,798 0.08Nigeria Government International Bond 5.625% 27/06/2022 191,000 198,531 0.08Nigeria Government International Bond 6.500% 28/11/2027 1,041,000 1,086,898 0.43Nigeria Government International Bond 7.875% 16/02/2032 354,000 400,785 0.16Nigeria Government International Bond 7.625% 28/11/2047 1,070,000 1,151,192 0.46Pakistan Government International Bond 7.250% 15/04/2019 502,000 520,187 0.21Pakistan Government International Bond 8.250% 15/04/2024 350,000 386,953 0.15Pakistan Government International Bond 8.250% 30/09/2025 453,000 503,428 0.20Pakistan Government International Bond 6.875% 05/12/2027 800,000 803,968 0.32Panama Government International Bond 4.000% 22/09/2024 885,000 941,047 0.37Panama Government International Bond 3.750% 16/03/2025 1,550,000 1,616,820 0.64Panama Government International Bond 7.125% 29/01/2026 210,000 269,558 0.11Panama Government International Bond 3.875% 17/03/2028 913,000 954,898 0.38Panama Government International Bond 9.375% 01/04/2029 490,000 743,031 0.29Panama Government International Bond 6.700% 26/01/2036 844,000 1,126,723 0.45Panama Government International Bond 4.500% 15/05/2047 600,000 647,250 0.26Panama Government International Bond 4.300% 29/04/2053 400,000 418,816 0.17Paraguay Government International Bond 4.625% 25/01/2023 400,000 420,784 0.17Paraguay Government International Bond 5.000% 15/04/2026 400,000 430,020 0.17Paraguay Government International Bond 6.100% 11/08/2044 600,000 686,154 0.27Peru Government International Bond 8.750% 21/11/2033 921,000 1,455,254 0.58Perusahaan Penerbit Indonesia III 3.400% 29/03/2021 600,000 611,136 0.24Perusahaan Penerbit Indonesia III 4.550% 29/03/2026 200,000 211,718 0.08Perusahaan Penerbit SBSN Indonesia III 3.300% 21/11/2022 400,000 404,724 0.16Perusahaan Penerbit SBSN Indonesia III 4.350% 10/09/2024 205,000 215,590 0.09Peruvian Government International Bond 7.350% 21/07/2025 965,000 1,252,309 0.50Peruvian Government International Bond 4.125% 25/08/2027 595,000 648,824 0.26Peruvian Government International Bond 8.750% 21/11/2033 100,000 158,008 0.06Peruvian Government International Bond 6.550% 14/03/2037 523,000 710,020 0.28Peruvian Government International Bond - DE 5.625% 18/11/2050 125,000 160,619 0.06Peruvian Government International Bond - US 5.625% 18/11/2050 1,205,000 1,548,365 0.61Philippine Government International Bond 4.200% 21/01/2024 370,000 402,009 0.16Philippine Government International Bond 10.625% 16/03/2025 527,000 796,666 0.32Philippine Government International Bond 9.500% 02/02/2030 541,000 855,911 0.34Philippine Government International Bond 6.375% 15/01/2032 502,000 654,302 0.26Philippine Government International Bond 6.375% 23/10/2034 202,000 270,805 0.11Philippine Government International Bond 5.000% 13/01/2037 202,000 238,913 0.09Philippine Government International Bond 3.950% 20/01/2040 866,000 894,232 0.35



347


NominalMarket

Value USD % of

Net Assets

Sovereign Bonds (70.35%) (continued) Philippine Government International Bond 3.700% 01/03/2041 600,000 597,660 0.24Philippine Government International Bond 3.700% 02/02/2042 430,000 427,988 0.17Poland Government International Bond 5.125% 21/04/2021 3,103,000 3,360,797 1.33Poland Government International Bond 5.000% 23/03/2022 1,413,000 1,547,970 0.61Poland Government International Bond 3.000% 17/03/2023 768,000 781,932 0.31Poland Government International Bond 3.250% 06/04/2026 935,000 957,001 0.38Republic of Armenia International Bond 6.000% 30/09/2020 200,000 212,584 0.08Republic of Azerbaijan International Bond 4.750% 18/03/2024 200,000 206,690 0.08Republic of Belarus International Bond 7.625% 29/06/2027 200,000 223,316 0.09Republic of Ghana 7.875% 07/08/2023 200,000 219,640 0.09Republic of Ghana 8.125% 18/01/2026 200,000 222,248 0.09Republic of Poland Government International Bond 4.000% 22/01/2024 593,000 632,939 0.25Republic of South Africa Government International Bond 5.875% 30/05/2022 200,000 218,664 0.09Republic of South Africa Government International Bond 5.875% 16/09/2025 830,000 904,675 0.36Republic of South Africa Government International Bond 4.850% 27/09/2027 370,000 375,099 0.15Republic of South Africa Government International Bond 6.250% 08/03/2041 450,000 501,538 0.20Republic of South Africa Government International Bond 5.650% 27/09/2047 715,000 731,810 0.29Republic of Tajikistan International Bond 7.125% 14/09/2027 200,000 191,996 0.08Romanian Government International Bond 6.750% 07/02/2022 1,200,000 1,377,204 0.55Romanian Government International Bond 4.375% 22/08/2023 638,000 683,981 0.27Romanian Government International Bond 4.875% 22/01/2024 550,000 605,836 0.24Romanian Government International Bond 6.125% 22/01/2044 468,000 605,957 0.24Russian Foreign Bond - Eurobond - GB 5.000% 29/04/2020 400,000 420,300 0.17Russian Foreign Bond - Eurobond - US 5.000% 29/04/2020 200,000 210,150 0.08Russian Foreign Bond - Eurobond - US 4.500% 04/04/2022 400,000 423,988 0.17Russian Foreign Bond - Eurobond - XU 4.500% 04/04/2022 200,000 211,994 0.08Russian Foreign Bond - Eurobond 4.875% 16/09/2023 600,000 650,016 0.26Russian Foreign Bond - Eurobond 4.250% 23/06/2027 1,000,000 1,032,760 0.41Russian Foreign Bond - Eurobond 12.750% 24/06/2028 110,000 191,142 0.08Russian Foreign Bond - Eurobond 5.625% 04/04/2042 200,000 224,482 0.09Russian Foreign Bond - Eurobond 5.250% 23/06/2047 600,000 628,872 0.25Second Pakistan International Sukuk - US 6.750% 03/12/2019 200,000 207,282 0.08Second Pakistan International Sukuk - XU 6.750% 03/12/2019 675,000 699,577 0.28Senegal Government International Bond 8.750% 13/05/2021 300,000 346,191 0.14Senegal Government International Bond 6.250% 30/07/2024 400,000 432,424 0.17Senegal Government International Bond - US 6.250% 23/05/2033 200,000 210,856 0.08Senegal Government International Bond - XU 6.250% 23/05/2033 300,000 316,284 0.13Serbia International Bond - DE 4.875% 25/02/2020 652,000 677,402 0.27Serbia International Bond - US 4.875% 25/02/2020 198,000 205,714 0.08Serbia International Bond - US 7.250% 28/09/2021 310,000 354,628 0.14Serbia International Bond - XU 7.250% 28/09/2021 653,000 747,006 0.30South Africa Government International Bond 5.500% 09/03/2020 864,000 907,330 0.36South Africa Government International Bond 5.875% 30/05/2022 899,000 982,895 0.39South Africa Government International Bond 4.300% 12/10/2028 755,000 729,753 0.29South Africa Government International Bond 5.000% 12/10/2046 200,000 189,652 0.08Sri Lanka Government International Bond 6.000% 14/01/2019 445,000 455,631 0.18Sri Lanka Government International Bond 6.250% 04/10/2020 643,000 677,606 0.27Sri Lanka Government International Bond 6.250% 27/07/2021 650,000 691,353 0.27Sri Lanka Government International Bond 5.750% 18/01/2022 538,000 562,253 0.22Sri Lanka Government International Bond 5.875% 25/07/2022 400,000 421,544 0.17Sri Lanka Government International Bond 6.125% 03/06/2025 205,000 216,703 0.09Sri Lanka Government International Bond 6.850% 03/11/2025 400,000 440,764 0.17Sri Lanka Government International Bond - SG 6.825% 18/07/2026 200,000 220,078 0.09Sri Lanka Government International Bond - US 6.825% 18/07/2026 500,000 550,195 0.22Sri Lanka Government International Bond 6.200% 11/05/2027 920,000 973,673 0.39Suriname Government Bond 9.250% 26/10/2026 270,000 287,898 0.11Third Pakistan International Sukuk 5.625% 05/12/2022 605,000 605,520 0.24Trinidad & Tobago Government International Bond 4.375% 16/01/2024 200,000 205,710 0.08Trinidad & Tobago Government International Bond 4.500% 04/08/2026 600,000 615,996 0.24Turkey Government International Bond 7.000% 11/03/2019 200,000 209,028 0.08Turkey Government International Bond 7.500% 07/11/2019 210,000 225,523 0.09Turkey Government International Bond - US 7.000% 05/06/2020 275,000 297,003 0.12Turkey Government International Bond - XU 7.000% 05/06/2020 100,000 108,001 0.04Turkey Government International Bond 5.625% 30/03/2021 225,000 236,905 0.09Turkey Government International Bond 5.125% 25/03/2022 220,000 228,050 0.09Turkey Government International Bond 5.750% 22/03/2024 280,000 296,876 0.12Turkey Government International Bond 7.375% 05/02/2025 110,000 126,904 0.05



348


NominalMarket

Value USD % of

Net Assets

Sovereign Bonds (70.35%) (continued) Turkey Government International Bond 4.250% 14/04/2026 200,000 191,084 0.08Turkey Government International Bond 4.875% 09/10/2026 200,000 197,436 0.08Turkey Government International Bond 6.000% 25/03/2027 915,000 976,131 0.39Turkey Government International Bond 6.875% 17/03/2036 52,000 58,064 0.02Turkey Government International Bond 7.250% 05/03/2038 335,000 390,593 0.15Turkey Government International Bond 6.750% 30/05/2040 830,000 915,440 0.36Turkey Government International Bond 4.875% 16/04/2043 200,000 176,046 0.07Turkey Government International Bond 5.750% 11/05/2047 750,000 733,665 0.29Ukraine Government International Bond 7.750% 01/09/2019 240,000 252,058 0.10Ukraine Government International Bond 7.750% 01/09/2020 350,000 371,178 0.15Ukraine Government International Bond 7.750% 01/09/2020 200,000 212,102 0.08Ukraine Government International Bond 7.750% 01/09/2021 810,000 862,083 0.34Ukraine Government International Bond 7.750% 01/09/2022 313,000 332,753 0.13Ukraine Government International Bond 7.750% 01/09/2023 665,000 706,210 0.28Ukraine Government International Bond 7.750% 01/09/2024 558,000 587,981 0.23Ukraine Government International Bond 7.750% 01/09/2025 435,000 454,101 0.18Ukraine Government International Bond 7.750% 01/09/2026 589,000 608,938 0.24Ukraine Government International Bond 7.750% 01/09/2027 330,000 341,223 0.14Ukraine Government International Bond 7.750% 01/09/2027 185,000 191,292 0.08Ukraine Government International Bond 7.375% 25/09/2032 1,160,000 1,141,243 0.45Uruguay Government International Bond 4.500% 14/08/2024 545,000 591,608 0.23Uruguay Government International Bond 4.500% 14/08/2024 200,000 217,104 0.09Uruguay Government International Bond 4.375% 27/10/2027 1,598,000 1,723,635 0.68Uruguay Government International Bond 7.875% 15/01/2033 417,000 600,680 0.24Uruguay Government International Bond 7.625% 21/03/2036 240,000 343,210 0.14Uruguay Government International Bond 4.125% 20/11/2045 863,000 871,949 0.35Uruguay Government International Bond 5.100% 18/06/2050 1,699,000 1,893,264 0.75Venezuela Government International Bond 7.750% 13/10/2019 343,000 77,175 0.03Venezuela Government International Bond 6.000% 09/12/2020 333,000 74,925 0.03Venezuela Government International Bond 12.750% 23/08/2022 270,000 59,063 0.02Venezuela Government International Bond 9.000% 07/05/2023 575,000 120,750 0.05Venezuela Government International Bond 8.250% 13/10/2024 904,000 187,580 0.07Venezuela Government International Bond 7.650% 21/04/2025 928,000 193,720 0.08Venezuela Government International Bond 11.750% 21/10/2026 300,000 67,125 0.03Venezuela Government International Bond 9.250% 07/05/2028 340,000 70,550 0.03Venezuela Government International Bond 11.950% 05/08/2031 65,000 13,325 0.01Venezuela Government International Bond 9.375% 13/01/2034 338,000 70,135 0.03Venezuela Government International Bond 7.000% 31/03/2038 256,000 52,800 0.02Vietnam Government International Bond 6.750% 29/01/2020 480,000 517,814 0.21Vietnam Government International Bond 4.800% 19/11/2024 400,000 427,108 0.17Wakala Global Sukuk Bhd 4.646% 06/07/2021 250,000 266,997 0.11Zambia Government International Bond 5.375% 20/09/2022 200,000 195,632 0.08Zambia Government International Bond 5.375% 20/09/2022 300,000 293,448 0.12Zambia Government International Bond 8.500% 14/04/2024 500,000 553,030 0.22Zambia Government International Bond 8.970% 30/07/2027 500,000 562,155 0.22Zambia Government International Bond 8.970% 30/07/2027 100,000 112,431 0.04 Total Government Bonds 179,781,348 71.35


Corporate Bonds

Banks (0.53%) Agricultural Bank of China 2.750% 21/05/2020 250,000 249,390 0.10Banco del Estado de Chile 3.875% 08/02/2022 300,000 312,945 0.13Banco do Brasil 4.625% 15/01/2025 215,000 212,057 0.08Banco Nacional de Costa Rica 5.875% 25/04/2021 200,000 207,836 0.08Caixa Economica Federal 3.500% 07/11/2022 150,000 145,947 0.06State Bank of India 3.250% 18/04/2018 200,000 200,436 0.08

Diversified Financial Services (0.08%) BOC Aviation 2.750% 18/09/2022 200,000 196,076 0.08

Electric (0.08%) Centrais Eletricas Brasileiras 5.750% 27/10/2021 200,000 206,648 0.08



349


NominalMarket

Value USD % of

Net Assets

Energy - Alternate Sources (0.08%) Greenko Dutch 5.250% 24/07/2024 200,000 202,790 0.08

Gas (0.18%) KazTransGas 4.375% 26/09/2027 450,000 453,191 0.18

Holding Companies - Diversified Operations (0.05%) Sinochem Overseas Capital 6.300% 12/11/2040 100,000 130,861 0.05

Oil & Gas (2.25%) Citgo Holding 10.750% 15/02/2020 165,000 176,538 0.07CITGO Petroleum 6.250% 15/08/2022 133,000 132,832 0.05Empresa Nacional del Petroleo 3.750% 05/08/2026 200,000 198,842 0.08Empresa Nacional del Petroleo 4.500% 14/09/2047 200,000 191,756 0.08Nexen Energy 7.875% 15/03/2032 55,000 78,586 0.03Nexen Energy 7.500% 30/07/2039 160,000 237,352 0.09Petrobras Global Finance 5.999% 27/01/2028 715,000 717,996 0.29Petroleos de Venezuela 9.000% 17/11/2021 444,000 124,875 0.05Petroleos de Venezuela 6.000% 15/11/2026 987,000 217,140 0.09Petroleos Mexicanos 5.500% 21/01/2021 130,000 138,311 0.05Petroleos Mexicanos 6.375% 04/02/2021 100,000 108,732 0.04Petroleos Mexicanos 4.875% 24/01/2022 920,000 959,919 0.38Petroleos Mexicanos 5.375% 13/03/2022 66,000 70,087 0.03Petroleos Mexicanos 4.625% 21/09/2023 100,000 103,092 0.04Petroleos Mexicanos 6.500% 13/03/2027 550,000 603,031 0.24Petroleos Mexicanos 6.625% 15/06/2035 296,000 316,551 0.13Petroleos Mexicanos 6.500% 02/06/2041 155,000 160,227 0.06Petroleos Mexicanos 5.500% 27/06/2044 310,000 286,769 0.11Petronas Capital 3.500% 18/03/2025 200,000 205,598 0.08Petronas Capital 4.500% 18/03/2045 400,000 452,912 0.18YPF 7.000% 15/12/2047 200,000 198,236 0.08

Pipelines (0.08%) Transportadora de Gas Internacional 5.700% 20/03/2022 200,000 205,000 0.08

Sovereign Bonds (0.31%) 1MDB Global Investments 4.400% 09/03/2023 800,000 778,176 0.31

Transportation (0.09%) Empresa de Transporte de Pasajeros Metro 5.000% 25/01/2047 200,000 220,348 0.09 Total Corporate Bonds 9,401,083 3.73

Government Bonds

Banks (0.18%) Corporacion Financiera de Desarrollo 4.750% 08/02/2022 420,000 443,381 0.18

Diversified Financial Services (0.12%) Fondo MIVIVIENDA 3.500% 31/01/2023 300,000 300,999 0.12 Total Government Bonds 744,380 0.30

Transferable securities non-listed on an Official Stock Exchange

Corporate Bonds

Banks (0.13%) Banco del Estado de Chile 4.125% 07/10/2020 100,000 104,487 0.04International Bank of Azerbaijan 3.500% 01/09/2024 270,000 227,570 0.09 Total Corporate Bonds 332,057 0.13



350


NominalMarket

Value USD % of

Net Assets

Government Bonds

Sovereign Bonds (0.24%) Republic of Azerbaijan International Bond 5.125% 01/09/2029 160,000 160,800 0.06Republic of Azerbaijan International Bond 3.500% 01/09/2032 520,000 451,016 0.18 Total Government Bonds 611,816 0.24 TOTAL INVESTMENTS (Cost USD 242,142,286) 246,065,228 97.65





USD % of Net Assets

CHF 19,400,000 USD 19,813,811 03 January 2018 93,833 0.04EUR 71,670,000 USD 85,646,797 03 January 2018 414,555 0.16EUR 2,200,000 USD 2,618,759 03 January 2018 23,001 0.01EUR 2,205,000 USD 2,615,273 03 January 2018 32,491 0.01GBP 68,300,000 USD 92,578,806 03 January 2018 (185,994) (0.07)USD 154,869 EUR 130,000 03 January 2018 (1,235) (0.00) Total Forward Foreign Exchange Contracts 376,651 0.15 Future Contracts

Underlying Counterparty Gross exposure Quantity


USD% of NetAssets

US Ultra Bond Futures 20/03/2018 JP Morgan 167,656 1 750 0.00US 5-Year Note Futures 29/03/2018 JP Morgan (580,820) (5) 1,992 0.00US 10-Year Note Futures 20/03/2018 JP Morgan (3,473,313) (28) 8,281 0.01US Long Bond Futures 20/03/2018 JP Morgan 459,000 3 6,094 0.00US 10-Year Ultra Futures 20/03/2018 JP Morgan 667,813 5 3,438 0.00

Total Future Contracts (2,759,664) (24) 20,555 0.01

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF Annual report as of 31 December 2017


351


NominalMarket

Value USD % of

Net Assets

Corporate Bonds

Agriculture (0.44%) MHP 8.250% 02/04/2020 205,000 222,681 0.44

Auto Manufacturers (0.39%) Hyundai Capital Services 2.875% 16/03/2021 200,000 198,250 0.39

Banks (17.61%) ABQ Finance 3.625% 13/04/2021 200,000 198,500 0.39ADCB Finance Cayman 3.000% 04/03/2019 200,000 200,750 0.40Axis Bank 3.250% 21/05/2020 200,000 200,808 0.40Banco Bradesco 6.750% 29/09/2019 100,000 105,375 0.21Banco del Estado de Chile 4.125% 07/10/2020 155,000 161,258 0.32Banco do Brasil 5.875% 26/01/2022 200,000 207,750 0.41Bancolombia 5.950% 03/06/2021 115,000 124,344 0.24Bancolombia 5.125% 11/09/2022 200,000 208,500 0.41Bank Muscat 3.750% 03/05/2021 200,000 200,500 0.40Bank of China 2.875% 20/04/2022 200,000 198,500 0.39Bank of East Asia 6.125% 16/07/2020 100,000 106,837 0.21BBVA Bancomer 6.750% 30/09/2022 200,000 225,760 0.44BOS Funding 3.374% 08/06/2020 200,000 199,500 0.39CBQ Finance 7.500% 18/11/2019 300,000 319,950 0.63China Development Bank 2.625% 24/01/2022 200,000 198,000 0.39Corpbanca 3.875% 22/09/2019 200,000 204,260 0.40DBS Group Holdings 2.013% 08/06/2020 200,000 200,452 0.39DBS Group Holdings 1.987% 25/07/2022 200,000 201,090 0.40Development Bank of Kazakhstan 4.125% 10/12/2022 200,000 206,000 0.41DIB Sukuk 3.664% 14/02/2022 200,000 201,750 0.40First Abu Dhabi Bank 3.000% 13/08/2019 370,000 373,700 0.74Global Bank 4.500% 20/10/2021 200,000 203,500 0.40Halyk Savings Bank of Kazakhstan 7.250% 28/01/2021 200,000 220,004 0.43ICBC STANDARD BANK 8.125% 02/12/2019 100,000 109,750 0.22ICICI Bank 5.750% 16/11/2020 200,000 214,027 0.42Industrial & Commercial Bank of China Asia 5.125% 30/11/2020 145,000 152,639 0.30NBK SPC 2.750% 30/05/2022 200,000 196,500 0.39NongHyup Bank 1.875% 12/09/2021 200,000 191,699 0.38Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance 4.630% 26/09/2022 200,000 213,500 0.42QIB Sukuk 3.251% 23/05/2022 200,000 193,650 0.38QNB Finance 2.875% 29/04/2020 200,000 198,000 0.39QNB Finance 2.125% 07/09/2021 200,000 191,000 0.38Sberbank of Russia Via SB Capital 5.717% 16/06/2021 200,000 214,750 0.42Shinhan Bank 2.875% 28/03/2022 230,000 227,700 0.45Siam Commercial Bank 3.500% 07/04/2019 200,000 201,985 0.40State Bank of India 3.250% 24/01/2022 200,000 200,500 0.40Trade & Development Bank of Mongolia 9.375% 19/05/2020 200,000 219,000 0.43Turkiye Garanti Bankasi 6.250% 20/04/2021 200,000 211,250 0.42Turkiye Halk Bankasi 3.875% 05/02/2020 200,000 191,250 0.38Turkiye Is Bankasi 5.000% 25/06/2021 200,000 200,000 0.39United Overseas Bank 2.125% 02/03/2020 200,000 198,834 0.39Vnesheconombank Via VEB Finance 6.902% 09/07/2020 100,000 108,125 0.21VTB Bank Via VTB Capital 6.950% 17/10/2022 200,000 216,250 0.43Yapi ve Kredi Bankasi 5.125% 22/10/2019 200,000 203,000 0.40Zenith Bank 7.375% 30/05/2022 200,000 208,500 0.41

Building Materials (0.31%) Union Andina de Cementos 5.875% 30/10/2021 150,000 155,250 0.31

Chemicals (0.80%) Equate Petrochemical 3.000% 03/03/2022 200,000 197,250 0.39PTT Global Chemical 4.250% 19/09/2022 200,000 209,533 0.41

Diversified Financial Services (1.33%) China Cinda Finance 2015 I 3.125% 23/04/2020 200,000 199,500 0.40Kuwait Projects 9.375% 15/07/2020 160,000 184,000 0.36Power Sector Assets & Liabilities Management 7.250% 27/05/2019 100,000 106,625 0.21SPARC EM SPC Panama Metro Line 2 05/12/2022 (zero coupon) 200,000 183,000 0.36



352


NominalMarket

Value USD % of

Net Assets

Electric (4.45%) Abu Dhabi National Energy 3.625% 22/06/2021 215,000 218,494 0.43CLP Power Hong Kong Financing 4.750% 19/03/2020 100,000 104,166 0.20Eskom Holdings SOC 5.750% 26/01/2021 280,000 276,500 0.54Hong Kong Electric Finance 4.250% 14/12/2020 145,000 150,619 0.30Hrvatska Elektroprivreda 5.875% 23/10/2022 200,000 221,250 0.44Israel Electric 9.375% 28/01/2020 215,000 241,337 0.48Korea East-West Power 2.500% 02/06/2020 220,000 217,293 0.43NTPC 4.750% 03/10/2022 200,000 213,530 0.42Perusahaan Listrik Negara 5.500% 22/11/2021 225,000 243,562 0.48Saudi Electricity Global Sukuk 4.211% 03/04/2022 355,000 369,644 0.73

Electronics (0.38%) Foxconn Far East 2.250% 23/09/2021 200,000 195,286 0.38

Holding Companies - Diversified Operations (1.25%) CK Hutchison International 17 2.875% 05/04/2022 320,000 318,800 0.63Hutchison Whampoa International 11 4.625% 13/01/2022 200,000 212,500 0.42Swire Pacific MTN Financing 5.500% 19/08/2019 100,000 104,407 0.20

Internet (0.39%) Alibaba Group Holding 2.800% 06/06/2023 200,000 199,288 0.39

Investment Companies (0.42%) Huarong Finance II 3.250% 03/06/2021 215,000 213,742 0.42

Iron & Steel (1.25%) Evraz Group 6.750% 31/01/2022 200,000 217,750 0.43Gerdau Trade 5.750% 30/01/2021 100,000 106,500 0.21POSCO 4.250% 28/10/2020 200,000 206,146 0.41Vale Overseas 5.875% 10/06/2021 95,000 103,839 0.20

Lodging (0.42%) Studio City 7.250% 30/11/2021 200,000 211,500 0.42

Media (0.13%) Cablevision 6.500% 15/06/2021 60,000 63,825 0.13

Mining (1.83%) AngloGold Ashanti Holdings 5.125% 01/08/2022 80,000 83,500 0.17Corporacion Nacional del Cobre de Chile 3.000% 17/07/2022 200,000 198,941 0.39Gold Fields Orogen Holding 4.875% 07/10/2020 200,000 204,500 0.40MMC Norilsk Nickel via MMC Finance 5.550% 28/10/2020 200,000 212,750 0.42Vedanta Resources 8.250% 07/06/2021 205,000 227,294 0.45

Oil & Gas (8.41%) Ecopetrol 7.625% 23/07/2019 140,000 149,975 0.30Gazprom Via Gaz Capital 6.510% 07/03/2022 100,000 110,625 0.22KazMunayGas National 7.000% 05/05/2020 180,000 194,940 0.38KazMunayGas National 6.375% 09/04/2021 320,000 349,600 0.69Lukoil International Finance 6.656% 07/06/2022 100,000 112,875 0.22MOL Group Finance 6.250% 26/09/2019 200,000 212,250 0.42Nostrum Oil & Gas Finance 8.000% 25/07/2022 235,000 243,812 0.48Pertamina Persero 5.250% 23/05/2021 200,000 214,250 0.42Petroamazonas 4.625% 06/11/2020 275,000 266,750 0.53Petrobras Global Finance 5.750% 20/01/2020 160,000 167,000 0.33Petrobras Global Finance 5.375% 27/01/2021 90,000 93,825 0.19Petrobras Global Finance 6.125% 17/01/2022 139,000 147,514 0.29Petroleos de Venezuela 12.750% 17/02/2022 382,000 105,967 0.21Petroleum of Trinidad & Tobago 9.750% 14/08/2019 175,000 185,500 0.37Petronas Capital 5.250% 12/08/2019 190,000 198,075 0.39Petronas Capital 7.875% 22/05/2022 260,000 313,351 0.62Petronas Global Sukuk 2.707% 18/03/2020 200,000 200,250 0.39Reliance Holding USA 5.400% 14/02/2022 250,000 271,110 0.53Rosneft Oil via Rosneft International Finance 4.199% 06/03/2022 200,000 202,000 0.40Sasol Financing International 4.500% 14/11/2022 200,000 202,750 0.40Sinopec Group Overseas Development 2015 2.500% 28/04/2020 200,000 198,750 0.39YPF 8.500% 23/03/2021 110,000 124,025 0.24



353


NominalMarket

Value USD % of

Net Assets

Pharmaceuticals & Biotechnology (2.19%) Hikma Pharmaceuticals 4.250% 10/04/2020 200,000 200,750 0.40Teva Pharmaceutical Finance 3.650% 10/11/2021 60,000 57,192 0.11Teva Pharmaceutical Finance 2.950% 18/12/2022 187,000 166,897 0.33Teva Pharmaceutical Finance IV 2.250% 18/03/2020 105,000 101,614 0.20Teva Pharmaceutical Finance Netherlands III 2.200% 21/07/2021 635,000 581,784 1.15

Real Estate (0.62%) China Overseas Finance Cayman II 5.500% 10/11/2020 100,000 106,625 0.21Country Garden Holdings 7.250% 04/04/2021 200,000 206,750 0.41

Sovereign Bonds (0.82%) Export Credit Bank of Turkey 5.375% 08/02/2021 250,000 255,937 0.50Ukreximbank Via Biz Finance 9.625% 27/04/2022 150,000 159,938 0.32

Supranational Banks (0.81%) Africa Finance 4.375% 29/04/2020 200,000 206,250 0.41African Export-Import Bank 4.000% 24/05/2021 200,000 203,750 0.40

Telecommunications (2.74%) America Movil 5.000% 30/03/2020 110,000 115,913 0.23Batelco International Finance No 1 4.250% 01/05/2020 200,000 196,500 0.39Colombia Telecomunicaciones 5.375% 27/09/2022 200,000 203,750 0.40HTA Group 9.125% 08/03/2022 200,000 214,500 0.42IHS Netherlands 9.500% 27/10/2021 200,000 214,800 0.42Liquid Telecommunications Financing 8.500% 13/07/2022 100,000 105,375 0.21Ooredoo International Finance 7.875% 10/06/2019 120,000 129,000 0.26Ooredoo International Finance 4.750% 16/02/2021 200,000 210,100 0.41

Transportation (0.44%) Georgian Railway 7.750% 11/07/2022 200,000 224,250 0.44 Total Corporate Bonds 24,048,918 47.43

Government Bonds

Banks (0.64%) Banco Nacional de Desenvolvimento Economico e Social 5.500% 12/07/2020 100,000 105,093 0.21MFB Magyar Fejlesztesi Bank 6.250% 21/10/2020 200,000 217,456 0.43

Electric (0.39%) Korea Hydro & Nuclear Power 3.000% 19/09/2022 200,000 199,104 0.39

Sovereign Bonds (39.39%) Argentine Republic Government International Bond 6.250% 22/04/2019 200,000 208,100 0.41Argentine Republic Government International Bond 6.875% 22/04/2021 550,000 597,437 1.18Argentine Republic Government International Bond 5.625% 26/01/2022 350,000 368,725 0.73Armenia Government International Bond 6.000% 30/09/2020 200,000 212,250 0.42Bolivian Government International Bond 4.875% 29/10/2022 200,000 209,461 0.41Brazilian Government International Bond 4.875% 22/01/2021 140,000 148,575 0.29Chile Government International Bond 3.250% 14/09/2021 115,000 118,450 0.23Chile Government International Bond 2.250% 30/10/2022 150,000 148,125 0.29Colombia Government International Bond 4.375% 12/07/2021 360,000 379,800 0.75Croatia Government International Bond 6.750% 05/11/2019 300,000 322,125 0.64Croatia Government International Bond 6.625% 14/07/2020 240,000 261,300 0.52Croatia Government International Bond 6.375% 24/03/2021 200,000 220,000 0.43Dominican Republic International Bond 7.500% 06/05/2021 320,000 347,771 0.69Ecuador Government International Bond 10.500% 24/03/2020 95,000 105,094 0.21Ecuador Government International Bond 10.750% 28/03/2022 385,000 451,083 0.89Egypt Government International Bond 5.750% 29/04/2020 175,000 182,438 0.36Egypt Government International Bond 6.125% 31/01/2022 465,000 485,925 0.96El Salvador Government International Bond 7.375% 01/12/2019 190,000 201,105 0.40El Salvador Government International Bond 7.750% 24/01/2023 100,000 109,625 0.22Export-Import Bank of India 3.125% 20/07/2021 200,000 201,000 0.40Ghana Government International Bond 9.250% 15/09/2022 200,000 226,500 0.45Guatemala Government Bond 5.750% 06/06/2022 200,000 215,250 0.42Honduras Government International Bond 8.750% 16/12/2020 200,000 224,000 0.44Hungary Government International Bond 6.250% 29/01/2020 170,000 182,113 0.36



354


NominalMarket

Value USD % of

Net Assets

Sovereign Bonds (39.39%) (continued) Hungary Government International Bond 6.375% 29/03/2021 480,000 533,400 1.05Indonesia Government International Bond 11.625% 04/03/2019 105,000 116,288 0.23Indonesia Government International Bond 5.875% 13/03/2020 175,000 187,906 0.37Indonesia Government International Bond 3.700% 08/01/2022 310,000 318,525 0.63Kenya Government International Bond 5.875% 24/06/2019 200,000 206,200 0.41Lebanon Government International Bond 6.000% 20/05/2019 105,000 105,131 0.21Lebanon Government International Bond 5.450% 28/11/2019 285,000 282,506 0.56Lebanon Government International Bond 6.375% 09/03/2020 230,000 229,712 0.45Lebanon Government International Bond 8.250% 12/04/2021 380,000 396,150 0.78Lebanon Government International Bond 6.100% 04/10/2022 295,000 286,519 0.57Lithuania Government International Bond 7.375% 11/02/2020 155,000 171,275 0.34Lithuania Government International Bond 6.125% 09/03/2021 295,000 327,819 0.65Lithuania Government International Bond 6.625% 01/02/2022 295,000 341,831 0.67Mexico Government International Bond 3.500% 21/01/2021 95,000 97,921 0.19Mexico Government International Bond 3.625% 15/03/2022 110,000 113,768 0.22Mongolia Government International Bond 10.875% 06/04/2021 440,000 516,450 1.02Morocco Government International Bond 4.250% 11/12/2022 300,000 316,500 0.62Mozambique International Bond 10.500% 18/01/2023 200,000 164,000 0.32Namibia Government International Bonds 5.500% 03/11/2021 200,000 212,500 0.42Nigeria Government International Bond 6.750% 28/01/2021 200,000 212,000 0.42Oman Government International Bond 3.625% 15/06/2021 200,000 200,250 0.40Oman Government International Bond 3.875% 08/03/2022 205,000 206,281 0.41Pakistan Government International Bond 7.250% 15/04/2019 200,000 207,024 0.41Panama Government International Bond 5.200% 30/01/2020 100,000 105,500 0.21Paraguay Government International Bond 4.625% 25/01/2023 200,000 210,000 0.41Perusahaan Penerbit SBSN Indonesia III 3.400% 29/03/2022 235,000 238,525 0.47Philippine Government International Bond 6.500% 20/01/2020 100,000 108,875 0.21Philippine Government International Bond 4.000% 15/01/2021 159,000 166,553 0.33Poland Government International Bond 6.375% 15/07/2019 225,000 238,500 0.47Poland Government International Bond 5.125% 21/04/2021 330,000 357,637 0.71Poland Government International Bond 5.000% 23/03/2022 445,000 487,275 0.96Republic of South Africa Government International Bond 6.875% 27/05/2019 205,000 215,762 0.43Romanian Government International Bond 6.750% 07/02/2022 360,000 413,100 0.81Russian Foreign Bond - Eurobond 3.500% 16/01/2019 200,000 202,000 0.40Second Pakistan International Sukuk 6.750% 03/12/2019 200,000 207,250 0.41Senegal Government International Bond 8.750% 13/05/2021 200,000 230,500 0.45Serbia International Bond 4.875% 25/02/2020 290,000 300,150 0.59Serbia International Bond 7.250% 28/09/2021 380,000 434,625 0.86Slovakia Government International Bond 4.375% 21/05/2022 200,000 216,000 0.43South Africa Government International Bond 5.500% 09/03/2020 100,000 104,875 0.21South Africa Government International Bond 5.875% 30/05/2022 160,000 174,800 0.34Sri Lanka Government International Bond 5.125% 11/04/2019 340,000 345,273 0.68Sri Lanka Government International Bond 6.250% 04/10/2020 165,000 173,869 0.34Sri Lanka Government International Bond 5.875% 25/07/2022 265,000 278,912 0.55Third Pakistan International Sukuk 5.625% 05/12/2022 205,000 205,256 0.40Turkey Government International Bond 7.500% 07/11/2019 135,000 145,125 0.29Turkey Government International Bond 7.000% 05/06/2020 80,000 86,400 0.17Turkey Government International Bond 6.250% 26/09/2022 245,000 266,131 0.52Ukraine Government International Bond 7.750% 01/09/2019 145,000 152,250 0.30Ukraine Government International Bond 7.750% 01/09/2020 165,000 174,694 0.34Ukraine Government International Bond 7.750% 01/09/2021 265,000 282,225 0.56Ukraine Government International Bond 7.750% 01/09/2022 300,000 318,750 0.63United States Treasury Bill 01/03/2018 (zero coupon) 240,000 239,507 0.47Uruguay Government International Bond 8.000% 18/11/2022 140,000 168,875 0.33Venezuela Government International Bond 7.750% 13/10/2019 297,000 66,454 0.13Venezuela Government International Bond 6.000% 09/12/2020 202,000 45,198 0.09Venezuela Government International Bond 12.750% 23/08/2022 356,000 77,430 0.15Vietnam Government International Bond 6.750% 29/01/2020 180,000 194,175 0.38



355


NominalMarket

Value USD % of

Net Assets

Sovereign Bonds (39.39%) (continued) Wakala Global Sukuk 4.646% 06/07/2021 250,000 266,875 0.53Zambia Government International Bond 5.375% 20/09/2022 200,000 195,000 0.38 Total Government Bonds 20,492,187 40.42


Corporate Bonds

Airlines (0.42%) Latam Airlines Group 7.250% 09/06/2020 200,000 211,730 0.42

Auto Manufacturers (0.39%) Hyundai Capital America 3.000% 30/10/2020 200,000 199,800 0.39

Banks (2.69%) Banco de Credito del Peru nama 5.375% 16/09/2020 50,000 53,313 0.10Banco Internacional del Peru 5.750% 07/10/2020 120,000 128,850 0.25Banco Nacional de Costa Rica 5.875% 25/04/2021 250,000 259,375 0.51Banco Votorantim 7.375% 21/01/2020 100,000 105,500 0.21Bangkok Bank 3.875% 27/09/2022 239,000 248,023 0.49Bank of China Hong Kong 5.550% 11/02/2020 100,000 105,125 0.21BBVA Banco Continental 5.000% 26/08/2022 50,000 53,812 0.11Grupo Aval 4.750% 26/09/2022 200,000 202,500 0.40Industrial Senior Trust 5.500% 01/11/2022 100,000 101,750 0.20Itau Unibanco Holding 5.750% 22/01/2021 100,000 104,375 0.21

Chemicals (0.20%) Alpek 4.500% 20/11/2022 100,000 102,625 0.20

Electric (0.21%) Centrais Eletricas Brasileiras 6.875% 30/07/2019 100,000 104,600 0.21

Electronics (0.14%) Flex 4.625% 15/02/2020 70,000 72,443 0.14

Food (0.37%) Grupo Bimbo 4.875% 30/06/2020 100,000 105,410 0.21JBS 7.250% 01/06/2021 80,000 81,300 0.16

Forest Products & Paper (0.33%) Inversiones CMPC 4.500% 25/04/2022 160,000 167,408 0.33

Media (0.43%) Myriad International Holdings 6.000% 18/07/2020 200,000 215,250 0.43

Mining (0.92%) First Quantum Minerals 7.000% 15/02/2021 350,000 362,688 0.71Volcan Cia Minera 5.375% 02/02/2022 100,000 104,750 0.21

Oil & Gas (2.60%) Dolphin Energy 5.500% 15/12/2021 235,000 254,975 0.50Pan American Energy 7.875% 07/05/2021 60,000 64,650 0.13Petroleos de Venezuela 8.500% 27/10/2020 281,250 228,867 0.45Petroleos de Venezuela 9.000% 17/11/2021 280,000 76,720 0.15Petroleos Mexicanos 5.500% 04/02/2019 50,000 51,563 0.10Petroleos Mexicanos 6.000% 05/03/2020 50,000 53,125 0.10Petroleos Mexicanos 3.500% 23/07/2020 50,000 50,675 0.10Petroleos Mexicanos 5.500% 21/01/2021 115,000 122,187 0.24Petroleos Mexicanos 6.375% 04/02/2021 130,000 141,375 0.28Petroleos Mexicanos 5.186% 11/03/2022 50,000 54,687 0.11Petroleos Mexicanos 5.375% 13/03/2022 160,000 170,000 0.34Tecpetrol 4.875% 12/12/2022 50,000 49,638 0.10

Pipelines (0.40%) Transportadora de Gas Internacional 5.700% 20/03/2022 200,000 204,750 0.40



356


NominalMarket

Value USD % of

Net Assets

Telecommunications (0.88%) Digicel 6.000% 15/04/2021 240,000 236,100 0.46Sable International Finance 6.875% 01/08/2022 200,000 211,750 0.42 Total Corporate Bonds 5,061,689 9.98

Government Bonds

Banks (0.42%) Corporacion Financiera de Desarrollo 4.750% 08/02/2022 200,000 210,501 0.42 Total Government Bonds 210,501 0.42 TOTAL INVESTMENTS (Cost USD 50,439,252) 49,813,295 98.25



Notes to Financial Statements Annual report as of 31 December 2017

357

Note 1 Description of the Fund

UBS ETF (the "Company") was incorporated in the Grand Duchy of Luxembourg as an open-ended investment company (a "Société d'Investissement à Capital Variable") on 7 September 2001 for an unlimited period under the original name of "Fresco". The Company is governed by the Luxembourg Law of 10 August 1915 on commercial companies, as amended, and by Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investments, as amended. Accordingly, each Sub-Fund has been established for an unlimited period. The registered office of the company is established at 49, Avenue J.F. Kennedy, L-1855 Luxembourg.

The Company has appointed UBS Fund Management (Luxembourg) S.A. to act as its management company (the “Management Company”) with effect as of 1 July 2012.

The Company's Articles of Incorporation (the "Articles") have been published in their original version in the Mémorial, Recueil des Sociétés et Associations (the "Mémorial") dated 11 October 2001. The notarial deed containing the minutes of the extraordinary general meeting held on 29 November 2004 deciding the change of the denomination of the company into UBS ETF has been published in the Mémorial dated 23 December 2004. Additionally, the notarial deed containing the minutes of the extraordinary general meeting held on 27 December 2005, amending the Articles related to the compliance by the Company with the rules of the amended directive 2009/65/EC, has been published in the Mémorial dated 30 January 2006. Finally, the notarial deed containing the minutes of the extraordinary general meeting held on 18 January 2016, amending the Articles as to allow for the issuance of registered shares only has been published in the Mémorial dated 7 April 2016. All bearer shares were converted to registered shares as of 8 February 2016. Moreover, the consolidated version of the Articles has been deposited with the Luxembourg company register.

The Company has been established to provide investors with an opportunity to purchase Shares in its Sub-Funds, the investment objective of each of which is to aim to track a specific Index. Each Sub-Fund aims to replicate or track, before expenses, the price and income performance of its Index by holding a portfolio of transferable securities that comprises all or substantially all of the component securities of its Index.

Each Sub-Fund will have Shares listed on one or more Listing Stock Exchanges to be an Exchange Traded Fund (“ETF”). With the exceptions detailed in the prospectus, only institutions qualifying as Authorised Participants are able to subscribe or redeem Shares by delivery of in kind stocks, which mostly are stocks composing the relevant index or versus cash. Those subscriptions and redemptions minimise fund turnover and lower trading expenses. A secondary market is created through such Authorised Participants. Persons who are not Authorised Participants are able to buy or sell Shares in a Sub-Fund on a Listing Stock Exchange at prices which should approximate to the Indicative Intra-Day NAV per Share from other investors in Shares who are acting as market makers or broker/dealers. In order to allow participants in the secondary market to have access to a real-time estimate of the Daily NAV per Share, an Indicative Intra-Day NAV per Share is calculated by a calculation agent.

In order to allow participants in the secondary market to have access to a real-time estimate of the Daily NAV per Share, an Indicative Intra-Day NAV per Share is calculated by a calculation agent.

As of 31 December 2017, the following ETF share classes of the following Sub-Funds are available:

Sub-Funds ETF Share Classes Initial Dealing Day

UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-dis 29 October 2001UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to SGD) A-acc Not yet launched


358

Note 1 Description of the Fund (continued) Sub-Funds ETF Share Classes Initial Dealing Day

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Europe UCITS ETF (EUR) A-dis 5 October 2009

UBS ETF – MSCI Europe UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI Europe UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CHF) A-acc 21 June 2017

UBS ETF – MSCI Europe UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to USD) A-acc 21 June 2017

UBS ETF – MSCI Europe UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to EUR) A-acc 21 June 2017

UBS ETF – MSCI Europe UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to GBP) A-acc 21 June 2017

UBS ETF – MSCI Europe UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to ILS) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to ILS) A-acc Not yet launched

UBS ETF – MSCI EMU UCITS ETF (EUR) A-dis 19 September 2002

UBS ETF – MSCI EMU UCITS ETF (EUR) A-acc 12 August 2016

UBS ETF – MSCI EMU UCITS ETF (EUR) A-UK dis 5 November 2014

UBS ETF – MSCI EMU UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to GBP) A-dis 21 October 2013

UBS ETF – MSCI EMU UCITS ETF (hedged to GBP) A-acc 30 September 2013

UBS ETF – MSCI EMU UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to SGD) A-acc 5 December 2016

UBS ETF – MSCI EMU UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI EMU hedged to CHF UCITS ETF (CHF) A-dis Not yet launched

UBS ETF – MSCI EMU hedged to CHF UCITS ETF (CHF) A-acc 31 July 2013

UBS ETF – MSCI EMU hedged to USD UCITS ETF (GBP) A-Acc Not yet launched

UBS ETF – MSCI EMU hedged to USD UCITS ETF (GBP) A-dis Not yet launched

UBS ETF – MSCI EMU hedged to USD UCITS ETF (USD) A-dis 4 June 2014

UBS ETF – MSCI EMU hedged to USD UCITS ETF (USD) A-acc 30 August 2013

UBS ETF – MSCI EMU Value UCITS ETF (EUR) A-dis 5 October 2009

UBS ETF – MSCI EMU Value UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI EMU Small Cap UCITS ETF (EUR) A-dis 17 October 2011

UBS ETF – MSCI EMU Small Cap UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-dis 18 August 2015

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CHF) A-acc 20 October 2015

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to USD) A-acc 30 October 2015

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to GBP) A-dis 1 February 2016

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis 18 August 2015


359


UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to CHF) A-acc 20 October 2015

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to USD) A-acc 30 October 2015

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to GBP) A-dis 1 February 2016

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis 18 August 2015

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to CHF) A-acc 20 October 2015

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to USD) A-acc 30 October 2015

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to GBP) A-dis 1 February 2016

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (EUR) A-dis 18 August 2015

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to CHF) A-acc 20 October 2015

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to USD) A-acc 30 October 2015

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to GBP) A-dis 1 February 2016

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (GBP) A-dis 31 October 2001

UBS ETF – FTSE 100 UCITS ETF (GBP) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (GBP) A-UK dis 2 October 2014

UBS ETF – FTSE 100 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-dis 21 October 2013

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-UK dis 2 October 2014

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-acc 30 August 2013

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CHF) A-acc Not yet launched


360


UBS ETF – MSCI United Kingdom UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to SGD) A-acc 5 December 2016

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF (CHF) A-dis Not yet launched

UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF (CHF) A-acc 30 August 2013

UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF (EUR) A-dis 4 June 2014

UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF (EUR) A-acc 30 August 2013

UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF (USD) A-dis 4 June 2014

UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF (USD) A-acc 30 August 2013

UBS ETF – MSCI Japan UCITS ETF (JPY) A-dis 30 October 2001

UBS ETF – MSCI Japan UCITS ETF (JPY) A-acc 14 July 2017

UBS ETF – MSCI Japan UCITS ETF (JPY) A-UK dis 2 October 2014

UBS ETF – MSCI Japan UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to GBP) A-dis 21 October 2013

UBS ETF – MSCI Japan UCITS ETF (hedged to GBP) A-acc 30 September 2013

UBS ETF – MSCI Japan UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to SGD) A-acc 5 December 2016

UBS ETF – MSCI Japan UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Japan hedged to CHF UCITS ETF (CHF) A-dis Not yet launched

UBS ETF – MSCI Japan hedged to CHF UCITS ETF (CHF) A-acc 30 September 2013

UBS ETF – MSCI Japan hedged to EUR UCITS ETF (EUR) A-dis 4 June 2014

UBS ETF – MSCI Japan hedged to EUR UCITS ETF (EUR) A-acc 30 September 2013

UBS ETF – MSCI Japan hedged to USD UCITS ETF (USD) A-dis 4 June 2014

UBS ETF – MSCI Japan hedged to USD UCITS ETF (USD) A-acc 31 October 2013

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (JPY) A-dis 22 July 2015

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (JPY) A-acc Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (JPY) A-UK dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to CHF) A-dis 30 October 2015

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to EUR) A-acc 6 June 2016

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to USD) A-acc 6 June 2016

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis 2 October 2009

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-UK dis 2 October 2014

UBS ETF – MSCI USA UCITS ETF (USD) A-dis 29 October 2001

UBS ETF – MSCI USA UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (USD) A-UK dis 2 October 2014


361


UBS ETF – MSCI USA UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Canada UCITS ETF (CAD) A-dis 30 September 2009

UBS ETF – MSCI Canada UCITS ETF (CAD) A-acc 13 July 2017

UBS ETF – MSCI Canada UCITS ETF (CAD) A-UK dis 2 October 2014

UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc 27 February 2015

UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-acc 27 February 2015

UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis 27 February 2015

UBS ETF – MSCI Canada UCITS ETF (hedged to CHF) A-acc 30 January 2015

UBS ETF – MSCI Canada UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Canada UCITS ETF (hedged to USD) A-acc 27 February 2015

UBS ETF – MSCI Canada UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Canada UCITS ETF (hedged to SGD) A-acc 30 June 2014

UBS ETF – MSCI Canada UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (AUD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (AUD) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (AUD) A-UK dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-dis 4 June 2015

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-UK dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-dis 4 June 2015

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-UK dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to EUR) A-acc Not yet launched


362


UBS ETF – MSCI Hong Kong UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-dis 29 November 2013

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-acc 31 October 2013

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-UK dis 2 October 2014

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-dis 29 May 2015

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-acc 29 May 2015

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to SGD) A-acc 29 May 2015

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF (EUR) A-dis 4 June 2014

UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF (EUR) A-acc 31 October 2013

UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF (USD) A-dis 4 June 2014

UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF (USD) A-acc 31 October 2013

UBS ETF – MSCI World UCITS ETF (USD) A-dis 25 June 2008

UBS ETF – MSCI World UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-dis 12 November 2010

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-UK dis 5 November 2014

UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF (USD) A-dis 4 September 2014

UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI World Socially Responsible UCITS ETF (USD) A-dis 22 August 2011

UBS ETF – MSCI World Socially Responsible UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (USD) A-dis 18 August 2011

UBS ETF – MSCI USA Socially Responsible UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CHF) A-dis 24 November 2015

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CHF) A-acc 24 November 2015

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to EUR) A-dis 24 November 2015

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (EUR) A-dis 18 August 2011

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (EUR) A-acc 15 December 2017

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CHF) A-dis 24 November 2015

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CHF) A-acc 24 November 2015

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to USD) A-acc 6 June 2016

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to GBP) A-acc Not yet launched


363


UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Pacific Socially Responsible UCITS ETF (USD) A-dis 22 August 2011

UBS ETF – MSCI Pacific Socially Responsible UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (USD) A-dis 2 February 2012

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to EUR) A-dis 29 January 2016

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to CAD) A-dis Not yet launched


364


UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF (USD) A-dis 2 February 2012


UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF (hedged to EUR) A-dis Not yet launched










UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to EUR) A-dis 30 September 2016

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-dis 30 September 2016

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-acc 24 January 2017

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to EUR) A-acc 30 September 2016

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to EUR) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to GBP) A-acc 22 November 2016

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to GBP) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CHF) A-acc 30 September 2016

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CHF) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (USD) A-dis 30 September 2016

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (EUR) A-dis 31 October 2017

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to USD) A-dis Not yet launched


365


UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (EUR) A-dis 31 October 2017

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF (EUR) A-dis 24 January 2012

UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF (EUR) A-dis 24 January 2012

UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF (EUR) A-dis 29 November 2013

UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – SBI® Foreign AAA-BBB 1-5 UCITS ETF (CHF) A-dis 30 July 2013

UBS ETF – SBI® Foreign AAA-BBB 1-5 UCITS ETF (CHF) A-acc Not yet launched

UBS ETF – SBI® Foreign AAA-BBB 5-10 UCITS ETF (CHF) A-dis 30 July 2013


UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (EUR) A-dis 30 May 2014

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to USD) A-acc 30 January 2015

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-acc 31 March 2015

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to GBP) A-acc Not yet launched


366


UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis 1 December 2014

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to EUR) A-acc 31 March 2015

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to GBP) A-dis 1 December 2014

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-acc 30 January 2015

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (USD) A-dis 30 May 2014

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to GBP) A-acc Not yet launched


367


UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (USD) A-dis 30 May 2014

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to EUR) A-acc 30 May 2014

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to GBP) A-dis 31 October 2014

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to CHF) A-acc 30 September 2014

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-dis 23 July 2015

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to EUR) A-acc 30 September 2015

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-dis 30 September 2015

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CHF) A-dis 30 September 2015

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis 17 January 2017

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-acc 30 November 2017

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to CHF) A-dis 30 November 2017

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to CHF) A-acc 30 November 2017

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (USD) A-dis 29 January 2016

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (USD) A-UK dis Not yet launched


368


UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to EUR) A-acc 29 April 2016

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to GBP) A-dis 29 April 2016

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to CHF) A-acc 31 March 2016

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (USD) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis 31 October 2017

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-UK dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis Not yet launched

UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-acc Not yet launched

UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-UK dis Not yet launched

Effective 9 June 2017, the following Sub-Fund's names changes occurred: Current name of Sub-Fund New denomination of Sub-Fund

UBS ETF – Barclays Capital US 1-3 Year Treasury Bond UCITS ETF UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF

UBS ETF – Barclays Capital US 7-10 Year Treasury Bond UCITS ETF UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF

UBS ETF – Barclays Capital US 10+ Year Treasury Bond UCITS ETF UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF

UBS ETF – Barclays TIPS 1-10 UCITS ETF UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF

UBS ETF – Barclays TIPS 10+ UCITS ETF UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF

UBS ETF – Barclays EUR Treasury 1-10 UCITS ETF UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF

UBS ETF – Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF


369

Note 1 Description of the Fund (continued) Current name of Sub-Fund New denomination of Sub-Fund

UBS ETF – Barclays US Liquid Corporates 1-5 Year UCITS ETF UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF

UBS ETF – Barclays US Liquid Corporates UCITS ETF UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF

UBS ETF – Barclays MSCI US Liquid Corporates Sustainable UCITS ETF UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF

UBS ETF – Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF

UBS ETF – Barclays USD Emerging Markets Sovereign UCITS ETF UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF

The Company has merged the following class on 18 August 2017:

Merging classes Receiving classes UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF - class (USD) A-DH-dis

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF - class (USD) A-dis

The Company has merged the following Sub-Fund on 22 August 2017:

Merging Sub-Fund Receiving Sub-Fund UBS ETF – MSCI EMU hedged to GBP UCITS ETF UBS ETF – MSCI EMU UCITS ETF

The Company has merged the following Sub-Fund on 25 August 2017: Merging Sub-Fund Receiving Sub-Fund

UBS ETF – MSCI Japan hedged to GBP UCITS ETF UBS ETF – MSCI Japan UCITS ETF Registration

The Sub-Funds of the Company are registered for distribution in the following countries at 31 December 2017:

Au

stri

a

Ch

ile

Fra

nce

Ger

ma

ny

Ital

y

Jap

an

Lie

chte

nst

ein

Lu

xem

bo

urg

Mex

ico

Net

her

lan

ds

Po

rtu

gal

Sin

gap

ore

Sp

ain

Sw

ede

n

Sw

itze

rlan

d

Un

ite

d K

ing

do

m

UBS ETF – EURO STOXX 50 UCITS ETF

Yes Yes* Yes Yes Yes Yes Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI Europe UCITS ETF

Yes - Yes Yes Yes Yes Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI EMU UCITS ETF Yes Yes* Yes Yes Yes Yes Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI EMU hedged to CHF UCITS ETF

Yes - Yes Yes Yes - Yes Yes - Yes Yes - Yes Yes Yes Yes

UBS ETF – MSCI EMU hedged to USD UCITS ETF

Yes Yes* Yes Yes Yes - Yes Yes Yes** Yes Yes - Yes Yes Yes Yes

UBS ETF – MSCI EMU Value UCITS ETF Yes - Yes Yes Yes - Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes


370

Note 1 Description of the Fund (continued)

Au

str

ia

Ch

ile

Fra

nce

Ger

ma

ny

Ital

y

Jap

an

Lie

chte

ns

tein

Lu

xem

bo

urg

Mex

ico

Net

her

lan

ds

Po

rtu

gal

Sin

ga

po

re

Sp

ain

Sw

ede

n

Sw

itze

rlan

d

Un

ite

d

Kin

gd

om

UBS ETF – MSCI EMU Small Cap UCITS ETF Yes - Yes Yes Yes Yes Yes Yes - Yes Yes - Yes Yes Yes Yes

UBS ETF – Factor MSCI EMU Quality UCITS ETF


UBS ETF – Factor MSCI EMU Prime Value UCITS ETF


UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF


UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF


UBS ETF – FTSE 100 UCITS ETF Yes Yes* Yes Yes Yes Yes Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI United Kingdom UCITS ETF

Yes Yes* Yes Yes Yes Yes Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF


UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF


UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF


UBS ETF – MSCI Japan UCITS ETF

Yes Yes* Yes Yes Yes - Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI Japan hedged to CHF UCITS ETF


UBS ETF – MSCI Japan hedged to EUR UCITS ETF


UBS ETF – MSCI Japan hedged to USD UCITS ETF



371


Au

str

ia

Ch

ile

Fra

nce

Ger

ma

ny

Ital

y

Jap

an

Lie

chte

ns

tein

Lu

xem

bo

urg

Mex

ico

Net

her

lan

ds

Po

rtu

gal

Sin

ga

po

re

Sp

ain

Sw

ede

n

Sw

itze

rlan

d

Un

ite

d

Kin

gd

om

UBS ETF – MSCI Japan Socially Responsible UCITS ETF

Yes - Yes Yes Yes - Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF


UBS ETF – MSCI USA UCITS ETF Yes - Yes Yes Yes Yes Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI Canada UCITS ETF

Yes - Yes Yes Yes - Yes Yes Yes** Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI Australia UCITS ETF

Not yet launched

UBS ETF – MSCI Singapore UCITS ETF


UBS ETF – MSCI Hong Kong UCITS ETF Yes - Yes Yes Yes - Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI Switzerland 20/35 UCITS ETF


UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF


UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF

Yes - Yes Yes Yes - Yes Yes Yes** Yes Yes - Yes Yes Yes Yes

UBS ETF – MSCI World UCITS ETF Yes Yes* Yes Yes Yes Yes Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI Emerging Markets UCITS ETF

Yes Yes* Yes Yes Yes - Yes Yes - Yes Yes Yes*** Yes Yes Yes Yes

UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF


UBS ETF – MSCI World Socially Responsible UCITS ETF



372


Au

str

ia

Ch

ile

Fra

nce

Ger

ma

ny

Ital

y

Jap

an

Lie

chte

ns

tein

Lu

xem

bo

urg

Mex

ico

Net

her

lan

ds

Po

rtu

gal

Sin

ga

po

re

Sp

ain

Sw

ede

n

Sw

itze

rlan

d

Un

ite

d

Kin

gd

om

UBS ETF – MSCI USA Socially Responsible UCITS ETF


UBS ETF – MSCI EMU Socially Responsible UCITS ETF


UBS ETF – MSCI Pacific Socially Responsible UCITS ETF


UBS ETF – MSCI Germany UCITS ETF

Not yet launched

UBS ETF – MSCI Italy UCITS ETF Not yet launched

UBS ETF – MSCI Spain UCITS ETF Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF




UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF


UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF

Yes - Yes Yes Yes - Yes Yes Yes** Yes Yes - Yes Yes Yes Yes

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF


UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF


UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF



373


Au

str

ia

Ch

ile

Fra

nce

Ger

ma

ny

Ital

y

Jap

an

Lie

chte

ns

tein

Lu

xem

bo

urg

Mex

ico

Net

her

lan

ds

Po

rtu

gal

Sin

ga

po

re

Sp

ain

Sw

ede

n

Sw

itze

rlan

d

Un

ite

d

Kin

gd

om

UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF


UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF


UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF


UBS ETF – SBI® Foreign AAA-BBB 1-5 UCITS ETF




UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF


UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF

Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF

Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF

Yes Yes* Yes Yes Yes - Yes Yes - Yes Yes - Yes Yes Yes Yes

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF

Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF



374


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Ger

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Lu

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UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF

Yes Yes* Yes Yes Yes - Yes Yes - Yes Yes - Yes Yes Yes Yes

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF




UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF


UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF

Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF


UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF

Not yet launched

* Pension Sub-Funds only ** Listed with SIC only *** Institutional only Listing

The Sub-Funds of the Company are listed on the following stock exchanges at 31 December 2017: Sub-Funds ETF Share Class Listing Stock Exchanges Trading Currency

UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange Tokyo Stock Exchange XETRA

EUR EUR EUR GBP CHF EUR JPY EUR


375


Sub-Funds ETF Share Class Listing Stock Exchanges Trading Currency

UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-acc Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to GBP) A-dis Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to GBP) A-acc Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (EUR) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange Tokyo Stock Exchange XETRA

EUR EUR GBP EUR JPY EUR

UBS ETF – MSCI Europe UCITS ETF (EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (EUR) A-UK dis Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CHF) A-acc SIX Swiss Exchange CHF

UBS ETF – MSCI Europe UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to USD) A-acc SIX Swiss Exchange USD

UBS ETF – MSCI Europe UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to EUR) A-acc SIX Swiss Exchange Borsa Italiana S.p.a. XETRA

EUR EUR EUR

UBS ETF – MSCI Europe UCITS ETF (hedged to GBP) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to GBP) A-acc SIX Swiss Exchange London Stock Exchange

GBP GBP

UBS ETF – MSCI Europe UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to ILS) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to ILS) A-acc Not yet launched Not yet launched


376



UBS ETF – MSCI EMU UCITS ETF (EUR) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange Tokyo Stock Exchange XETRA

EUR EUR GBP CHF EUR JPY EUR

UBS ETF – MSCI EMU UCITS ETF (EUR) A-acc SIX Swiss Exchange EUR

UBS ETF – MSCI EMU UCITS ETF (EUR) A-UK dis SIX Swiss Exchange EUR

UBS ETF – MSCI EMU UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to GBP) A-dis London Stock Exchange GBP

UBS ETF – MSCI EMU UCITS ETF (hedged to GBP) A-acc London Stock Exchange GBP

UBS ETF – MSCI EMU UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to SGD) A-acc SIX Swiss Exchange SGD

UBS ETF – MSCI EMU UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI EMU hedged to CHF UCITS ETF (CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI EMU hedged to CHF UCITS ETF (CHF) A-acc SIX Swiss Exchange CHF

UBS ETF – MSCI EMU hedged to USD UCITS ETF (USD) A-dis London Stock Exchange SIX Swiss Exchange XETRA

USD USD USD

UBS ETF – MSCI EMU hedged to USD UCITS ETF (USD) A-acc SIX Swiss Exchange Mexican Stock Exchange

USD MXN

UBS ETF – MSCI EMU hedged to USD UCITS ETF (GBP) A-dis Not yet launched Not yet launched

UBS ETF – MSCI EMU hedged to USD UCITS ETF (GBP) A-acc Not yet launched Not yet launched

UBS ETF – MSCI EMU Value UCITS ETF (EUR) A-dis Borsa Italiana S.p.a. London Stock Exchange SIX Swiss Exchange XETRA

EUR GBP EUR EUR

UBS ETF – MSCI EMU Value UCITS ETF (EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI EMU Small Cap UCITS ETF (EUR) A-dis Euronext Amsterdam London Stock Exchange SIX Swiss Exchange Tokyo Stock Exchange XETRA

EUR GBP EUR JPY EUR

UBS ETF – MSCI EMU Small Cap UCITS ETF (EUR) A-acc Not yet launched Not yet launched


377



UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange XETRA

EUR EUR GBP EUR CHF EUR

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-acc Not yet launched Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-UK dis Not yet launched Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CHF) A-acc SIX Swiss Exchange CHF

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to USD) A-acc SIX Swiss Exchange USD

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to GBP) A-dis London Stock Exchange SIX Swiss Exchange

GBP GBP

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to GBP) A-acc Not yet launched Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched


(EUR) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange XETRA



(EUR) A-acc Not yet launched Not yet launched


(EUR) A-UK dis Not yet launched Not yet launched


(hedged to CHF) A-dis Not yet launched Not yet launched


(hedged to CHF) A-acc SIX Swiss Exchange CHF


378




(hedged to USD) A-dis Not yet launched Not yet launched


(hedged to USD) A-acc SIX Swiss Exchange USD


(hedged to GBP) A-dis London Stock Exchange SIX Swiss Exchange

GBP GBP


(hedged to GBP) A-acc Not yet launched Not yet launched


(hedged to SGD) A-dis Not yet launched Not yet launched


(hedged to SGD) A-acc Not yet launched Not yet launched


(hedged to CAD) A-dis Not yet launched Not yet launched


(hedged to CAD) A-acc Not yet launched Not yet launched


















GBP GBP










379






















GBP GBP











UBS ETF – FTSE 100 UCITS ETF (GBP) A-dis Borsa Italiana S.p.a. London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange Tokyo Stock Exchange XETRA

EUR GBP CHF GBP JPY EUR

UBS ETF – FTSE 100 UCITS ETF (GBP) A-acc Not yet launched Not yet launched

UBS ETF – FTSE 100 UCITS ETF (GBP) A-UK dis SIX Swiss Exchange GBP

UBS ETF – FTSE 100 UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to EUR) A-acc Not yet launched Not yet launched


380



UBS ETF – FTSE 100 UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-dis London Stock Exchange SIX Swiss Exchange Tokyo Stock Exchange

GBP GBP JPY

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-UK dis SIX Swiss Exchange GBP

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-acc London Stock Exchange SIX Swiss Exchange

GBP GBP

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to SGD) A-acc SIX Swiss Exchange SGD

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched


(CHF) A-dis Not yet launched Not yet launched


(CHF) A-acc SIX Swiss Exchange CHF


(EUR) A-dis SIX Swiss Exchange EUR


(EUR) A-acc Borsa Italiana S.p.a. SIX Swiss Exchange XETRA

EUR EUR EUR


(USD) A-dis SIX Swiss Exchange USD


(USD) A-acc SIX Swiss Exchange Mexican Stock Exchange

USD MXN

UBS ETF – MSCI Japan UCITS ETF (JPY) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange XETRA

EUR EUR GBP USD JPY CHF EUR


381



UBS ETF – MSCI Japan UCITS ETF (JPY) A-acc SIX Swiss Exchange JPY

UBS ETF – MSCI Japan UCITS ETF (JPY) A-UK dis SIX Swiss Exchange JPY

UBS ETF – MSCI Japan UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to GBP) A-dis London Stock Exchange GBP

UBS ETF – MSCI Japan UCITS ETF (hedged to GBP) A-acc London Stock Exchange GBP

UBS ETF – MSCI Japan UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to SGD) A-acc SIX Swiss Exchange SGD

UBS ETF – MSCI Japan UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched


(CHF) A-dis Not yet launched Not yet launched


(CHF) A-acc SIX Swiss Exchange CHF


(EUR) A-dis Euronext Amsterdam SIX Swiss Exchange

EUR EUR


(EUR) A-acc Borsa Italiana S.p.a. SIX Swiss Exchange XETRA

EUR EUR EUR





USD MXN


(JPY) A-dis Euronext Amsterdam London Stock Exchange SIX Swiss Exchange XETRA Borsa Italiana S.p.a.

EUR GBP JPY EUR EUR


(JPY) A-acc Not yet launched Not yet launched


(JPY) A-UK dis Not yet launched Not yet launched


(hedged to CHF) A-dis SIX Swiss Exchange CHF


(hedged to CHF) A-acc Not yet launched Not yet launched


(hedged to EUR) A-dis Not yet launched Not yet launched


382




(hedged to EUR) A-acc SIX Swiss Exchange XETRA Borsa Italiana S.p.a.

EUR EUR EUR


(hedged to GBP) A-dis Not yet launched Not yet launched















UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange Tokyo Stock Exchange XETRA

EUR EUR GBP USD JPY EUR

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-UK dis SIX Swiss Exchange USD

UBS ETF – MSCI USA UCITS ETF (USD) A-dis Borsa Italiana S.p.a. London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange Tokyo Stock Exchange XETRA

EUR USD CHF USD JPY EUR

UBS ETF – MSCI USA UCITS ETF (USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI USA UCITS ETF (USD) A-UK dis SIX Swiss Exchange USD

UBS ETF – MSCI USA UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to GBP) A-dis Not yet launched Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to GBP) A-acc Not yet launched Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched


383



UBS ETF – MSCI USA UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Canada UCITS ETF (CAD) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange XETRA

EUR EUR GBP CAD EUR

UBS ETF – MSCI Canada UCITS ETF (CAD) A-acc SIX Swiss Exchange CAD

UBS ETF – MSCI Canada UCITS ETF (CAD) A-UK dis SIX Swiss Exchange CAD

UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc Borsa Italiana S.p.a. Euronext Amsterdam SIX Swiss Exchange

EUR EUR EUR

UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-acc London Stock Exchange SIX Swiss Exchange

GBP GBP

UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis SIX Swiss Exchange GBP

UBS ETF – MSCI Canada UCITS ETF (hedged to CHF) A-acc SIX Swiss Exchange CHF

UBS ETF – MSCI Canada UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Canada UCITS ETF (hedged to USD) A-acc SIX Swiss Exchange Mexican Stock Exchange

USD MXN

UBS ETF – MSCI Canada UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Canada UCITS ETF (hedged to SGD) A-acc SIX Swiss Exchange SGD

UBS ETF – MSCI Canada UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (AUD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (AUD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (AUD) A-UK dis Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to GBP) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to GBP) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-dis Euronext Amsterdam SIX Swiss Exchange

EUR USD


384



UBS ETF – MSCI Singapore UCITS ETF (SGD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-UK dis Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to GBP) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to GBP) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-dis Euronext Amsterdam SIX Swiss Exchange

EUR USD

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-UK dis Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to GBP) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to GBP) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-dis SIX Swiss Exchange Tokyo Stock Exchange

CHF JPY

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-acc Borsa Italiana S.p.a. SIX Swiss Exchange

EUR CHF

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-UK dis SIX Swiss Exchange CHF

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-dis London Stock Exchange SIX Swiss Exchange

GBP GBP


385



UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-acc London Stock Exchange SIX Swiss Exchange

GBP GBP

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to SGD) A-acc SIX Swiss Exchange SGD

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched


(EUR) A-dis SIX Swiss Exchange EUR


(EUR) A-acc Borsa Italiana S.p.a. SIX Swiss Exchange

EUR EUR





USD MXN

UBS ETF – MSCI World UCITS ETF (USD) A-dis Borsa Italiana S.p.a. London Stock Exchange London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange Tokyo Stock Exchange XETRA

EUR GBP USD CHF USD JPY EUR

UBS ETF – MSCI World UCITS ETF (USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange XETRA

EUR EUR USD GBP USD CHF EUR

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-UK dis SIX Swiss Exchange USD


(USD) A-dis Euronext Amsterdam London Stock Exchange SIX Swiss Exchange XETRA Borsa Italiana S.p.a.

EUR GBP USD EUR EUR


(USD) A-acc Not yet launched Not yet launched


(USD) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange XETRA

EUR EUR GBP USD CHF EUR


386






(USD) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange XETRA

EUR EUR GBP USD EUR








(hedged to EUR) A-dis Euronext Amsterdam Borsa Italiana S.p.a. XETRA SIX Swiss Exchange

EUR EUR EUR EUR


(hedged to EUR) A-acc Not yet launched Not yet launched

















(EUR) A-acc SIX Swiss Exchange EUR








387


















(USD) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange XETRA

EUR EUR GBP USD CHF EUR



UBS ETF – MSCI Germany UCITS ETF (EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (EUR) A-UK dis Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to GBP) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to GBP) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (EUR) A-UK dis Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched


388



UBS ETF – MSCI Italy UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to GBP) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to GBP) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (EUR) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (EUR) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (EUR) A-UK dis Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CHF) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CHF) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to USD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to USD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to GBP) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to GBP) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CAD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CAD) A-acc Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to SGD) A-dis Not yet launched Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to SGD) A-acc Not yet launched Not yet launched



EUR EUR GBP USD EUR




(hedged to EUR) A-dis SIX Swiss Exchange Borsa Italiana S.p.a.

EUR EUR














389











EUR EUR GBP USD EUR
























(USD) A-dis Not yet launched Not yet launched




(hedged to EUR) A-dis SIX Swiss Exchange Borsa Italiana S.p.a.

EUR EUR






390


















(USD) A-dis Borsa Italiana S.p.a. SIX Swiss Exchange London Stock Exchange

EUR USD GBP



USD MXN


(USD) A-UK dis Not yet launched Not yet launched




(hedged to EUR) A-acc SIX Swiss Exchange Borsa Italiana S.p.a.

EUR EUR


(hedged to EUR) A-UK dis Not yet launched Not yet launched




(hedged to GBP) A-acc London Stock Exchange SIX Swiss Exchange

GBP GBP


(hedged to GBP) A-UK dis Not yet launched Not yet launched






(hedged to CHF) A-UK dis Not yet launched Not yet launched






391








(USD) A-dis Borsa Italiana S.p.a. SIX Swiss Exchange XETRA London Stock Exchange

EUR USD EUR GBP
























(EUR) A-dis SIX Swiss Exchange Borsa Italiana S.p.a. XETRA London Stock Exchange

EUR EUR EUR GBP






(hedged to USD) A-acc Not yet launched Not yet launched






392
















(EUR) A-dis SIX Swiss Exchange Borsa Italiana S.p.a. XETRA

EUR EUR EUR
























(EUR) A-dis Borsa Italiana S.p.a. London Stock Exchange SIX Swiss Exchange XETRA

EUR GBP EUR EUR




393




(EUR) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange SIX Swiss Exchange XETRA

EUR EUR GBP EUR EUR




(EUR) A-dis Borsa Italiana S.p.a. SIX Swiss Exchange

EUR EUR




(CHF) A-dis Borsa Italiana S.p.a. SIX Swiss Exchange XETRA

EUR CHF EUR


(CHF) A-acc Not yet launched Not yet launched


(CHF) A-dis Borsa Italiana S.p.a. SIX Swiss Exchange XETRA

EUR CHF EUR


(CHF) A-acc Not yet launched Not yet launched


(EUR) A-dis Borsa Italiana S.p.a. Euronext Amsterdam SIX Swiss Exchange XETRA

EUR EUR EUR EUR






















394






(EUR) A-dis Not yet launched Not yet launched
























(EUR) A-dis Not yet launched Not yet launched


















395










(USD) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange London Stock Exchange SIX Swiss Exchange XETRA

EUR EUR GBP USD USD EUR






(hedged to EUR) A-acc Borsa Italiana S.p.a. Euronext Amsterdam SIX Swiss Exchange XETRA

EUR EUR EUR EUR



GBP GBP
















(GBP) A-dis Not yet launched Not yet launched


(GBP) A-acc Not yet launched Not yet launched






396




















(USD) A-dis Borsa Italiana S.p.a. London Stock Exchange

EUR GBP
























397




(USD) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange London Stock Exchange SIX Swiss Exchange XETRA

EUR EUR USD GBP USD EUR






(hedged to EUR) A-acc Borsa Italiana S.p.a. Euronext Amsterdam SIX Swiss Exchange XETRA

EUR EUR EUR EUR



GBP GBP
















(USD) A-dis Borsa Italiana S.p.a. Euronext Amsterdam London Stock Exchange London Stock Exchange SIX Swiss Exchange

EUR EUR USD GBP USD






(hedged to EUR) A-acc Borsa Italiana S.p.a. Euronext Amsterdam XETRA SIX Swiss Exchange

EUR EUR EUR EUR


(hedged to GBP) A-dis SIX Swiss Exchange GBP


398


















(EUR) A-dis SIX Swiss Exchange Borsa Italiana S.p.a. XETRA London Stock Exchange Euronext Amsterdam

EUR EUR EUR GBP EUR


(EUR) A-acc SIX Swiss Exchange EUR






















399




(USD) A-dis Borsa Italiana S.p.a. London Stock Exchange SIX Swiss Exchange SIX Swiss Exchange XETRA

EUR GBP USD CHF EUR








(hedged to EUR) A-acc SIX Swiss Exchange XETRA Borsa Italiana S.p.a.

EUR EUR EUR


(hedged to GBP) A-dis SIX Swiss Exchange London Stock Exchange

GBP GBP






























400
















(USD) A-dis SIX Swiss Exchange Borsa Italiana S.p.a. XETRA London Stock Exchange

USD EUR EUR GBP






























401





Additional technical listings on the Irish Stock Exchange exist for some ETF Share Classes.

JDRs are negotiable securities which indicate ownership of shares issued by foreign companies. They are listed on the Tokyo Stock Exchange, can be traded like domestic Japanese stocks, and give investors access to UBS ETFs listed in Europe. All of the UBS ETFs now listed on the TSE are transparent indexing solutions, following the UCITS guidelines established in Europe.

Seven of the ten UBS ETFs track major European equity indices. The remaining ETFs replicate the MSCI USA, the MSCI Pacific (ex Japan) and the MSCI World indices. A complete list of the funds which will be listed in Tokyo can be found below.

Fund Name JDR Name ISIN TSE Code

UBS ETF – EURO STOXX 50 UCITS ETF UBS ETF – EURO STOXX 50 UCITS ETF-JDR JP5442050000 1385

UBS ETF – FTSE 100 UCITS ETF UBS ETF – FTSE 100 UCITS ETF-JDR JP5442090006 1389

UBS ETF – MSCI EMU Small Cap UCITS ETF UBS ETF – MSCI EMU Small Cap UCITS ETF-JDR JP5442080007 1388

UBS ETF – MSCI EMU UCITS ETF UBS ETF – MSCI EMU UCITS ETF-JDR JP5442070008 1387

UBS ETF – MSCI Europe UCITS ETF UBS ETF – MSCI Europe UCITS ETF-JDR JP5442060009 1386

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF UBS ETF – MSCI Pacific (ex Japan) UCITS ETF-JDR JP5442100003 1390

UBS ETF – MSCI Switzerland 20/35 UCITS ETF UBS ETF – MSCI Switzerland 20/35 UCITS ETF-JDR JP5442110002 1391

UBS ETF – MSCI United Kingdom UCITS ETF UBS ETF – MSCI United Kingdom UCITS ETF-JDR JP5442120001 1392

UBS ETF – MSCI USA UCITS ETF UBS ETF – MSCI USA UCITS ETF-JDR JP5442130000 1393

UBS ETF – MSCI World UCITS ETF UBS ETF – MSCI World UCITS ETF-JDR JP5442140009 1394 Note 2 Summary of Significant Accounting Policies A) Presentation of Financial Statements

The financial statements have been prepared in accordance with the generally accepted accounting principles for investment funds in Luxembourg.

B) Main Investment Valuation Principles

Securities listed on a recognised stock exchange or dealt in on any other Regulated Market are valued at their last available closing prices, or, in the event that there are several such markets, on the basis of their last available closing prices on the principal market for the relevant security provided that such closing prices used are normally the same as those used by the Index Provider in calculating the value of each Sub-Fund’s Index, but in the event that the last available price does not truly reflect the fair market value of the relevant securities, the value of such securities is defined by the Board of Directors based on the reasonably foreseeable sales price determined prudently and in good faith.

Securities not listed or traded on a stock exchange or not dealt in on another Regulated Market are valued on the basis of the probable sales price determined prudently and in good faith by the Board of Directors.

The liquidating value of futures, forward or options contracts traded on exchanges or on other Regulated Markets are based upon the last available settlement prices of these contracts on exchanges and Regulated Markets on which the particular futures, forward or options contracts are traded by the Company; provided that if a futures, forward or options contract cannot be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract is such value as the Board of Directors may deem fair and reasonable.


402

Note 2 Summary of Significant Accounting Policies (continued) C) Treatment of Currencies

The books and records of each Sub-Fund are denominated in the Base Currencies. All assets and liabilities of the Sub-Funds expressed in a currency other than the Base Currency are converted into the Base Currency at the exchange rate prevailing on the principal Regulated Market of such asset on the Dealing Day preceding the Valuation Time.

In order to prepare combined financial statements, financial statements of each Sub-Fund that is not EUR denominated have been converted into EUR at the following exchange rates:

1 EUR = 1.5045 CAD 1 EUR = 135.2701 JPY1 EUR = 1.1702 CHF 1 EUR = 1.6047 SGD1 EUR = 0.8877 GBP 1 EUR = 1.2008 USD1 EUR = 9.3870 HKD

D) Security Transactions and Investment Income

The net realised gain or loss on portfolio securities sold or paid out in kind as part of the redemption price for shares is determined on the average cost basis.

The assets of the Company include all stocks, stock dividends, cash dividends and cash distributions receivable by the Company to the extent that information therein is reasonably available to the Company and all interest accrued on any interest-bearing portfolio securities owned by the Company, except to the extent that it is included or reflected in the principal amount of such security. Dividends and interest income are accrued net of related withholding tax.

E) Options and Future Contracts

For the purpose of efficient portfolio management, the Company may enter into future contracts as set forth in the prospectus.

Initial margin deposits made upon entering into future contracts are included in deposits on financial future contracts in the Statement of Net Assets. The unrealised appreciation or depreciation on open future contracts is calculated as the difference between the contract price at trade date and the current day price on the last Business Day of the reporting year or period.

For the purpose of efficient portfolio management, the Company may furthermore purchase and write (sell) options as set forth in the prospectus.

The risk associated with purchasing an option is that the Company pays a premium whether or not the option is exercised. Additionally, the Company bears the risk of loss of the premium and any change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of portfolio securities acquired through the exercise of call options is increased by premium paid. The proceeds from portfolio securities sold through the exercise of put options are decreased by the premiums paid.

When the Company writes an option the premium received by the Company is recorded as a liability and is subsequently adjusted to the current market value of the option written. The Company records premiums received from written options that expire unexercised on the expiration date as realised gains from option transactions. The difference between the premium and the amount paid on the effective closing purchase transaction, including brokerage commissions, is also treated as a realised gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realised loss.

If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Company has realised a gain or a loss.

If a written put option is exercised, the premium reduces the cost basis of the security purchased by the Company.


403

Note 2 Summary of Significant Accounting Policies (continued) E) Options and Future Contracts (continued)

In writing covered options, the Company bears the market risk of unfavourable change in the price of the security underlying the written option. Exercise of an option written by the Company could result in the Company selling or buying a security at a price different from the current market value. Losses from written market index options may be unlimited.

As of 31 December 2017, the Company had no outstanding options contracts and only UBS ETF – MSCI EMU UCITS ETF, UBS ETF – MSCI EMU hedged to CHF UCITS ETF, UBS ETF – MSCI EMU hedged to USD UCITS ETF, UBS ETF – MSCI United Kingdom UCITS ETF, UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF, UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF, UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF, UBS ETF – MSCI Japan UCITS ETF, UBS ETF – MSCI Japan hedged to CHF UCITS ETF, UBS ETF – MSCI Japan hedged to EUR UCITS ETF, UBS ETF – MSCI Japan hedged to USD UCITS ETF, UBS ETF – MSCI Japan Socially Responsible UCITS ETF, UBS ETF – MSCI Canada UCITS ETF, UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF and UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF held outstanding future contracts.

F) Forward Foreign Exchange Contracts

As described in the prospectus, each Sub-Fund is authorised to enter into forward foreign exchange contracts in order to protect a Sub-Fund against adverse movement in the value of a Sub-Fund’s Base Currency. Each Sub-Fund may enter into contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or crosshedge against either specific transactions or portfolio positions.

The aggregate principal amounts are reflected net in the accompanying Statement of Net Assets if a Sub-Fund intends to settle the contract prior to delivery. All commitments are marked-to-market at the applicable translation rates and any resulting unrealised gains or losses are recorded in each Sub-Fund’s financial statements.

Each Sub-Fund/share class records realised gains or losses at the time the forward foreign exchange contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the Base Currency.

As of 31 December 2017, the Company had outstanding forward foreign exchange contracts as disclosed in the Schedules of Investments.

G) Swap Contracts

The Company may enter into swap contracts in which the Company and the counterparty agree to exchange the returns generated by a security, instrument, basket or index thereof for the return generated by another security, instrument, basket or index thereof. The payments made by the Company to the counterparty and vice versa are calculated by reference to a specific security, index, or instrument and an agreed upon notional amount. The relevant indices include, but are not limited to, currencies, fixed interest rates, prices and total return on interest rate indices, fixed income indices and stock indices. The commitment arising on a swap transaction is equal to the value of the net position under the contract marked to market daily.

As of 31 December 2017, the Company had no outstanding swap contracts.


404

Note 2 Summary of Significant Accounting Policies (continued) H) Cross sub-fund investments

The sub-fund UBS ETF - Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF is a feeder UCITS. It invests at least 85% of its assets in the (USD) A-dis share class of UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF, a sub-fund of the Company. At 31 December 2017, the total cross sub-fund investment amounted to USD 21,447,889. The total combined net assets of UBS ETF at year-end, excluding the cross investment amounts to EUR 21,778,396,808.

Note 3 Agreements

For all ETF share classes, each Sub-Fund pays a Management Fee. The Management Fee is allocated by the Company among the Sub-Funds and paid directly by the Company to the Depositary and to the Management Company. The Management Company will pay out of its fees the company administrator, the portfolio manager and the distributor, each of which is a service provider.

The Management Fee also includes the costs for the Sub-Funds' administration (comprising the costs of the Company administrator and depositary bank), asset management and distribution, as well as other costs and expenses incurred in the Sub-Fund's course of business, as detailed in the Prospectus.

The Management Fee is a flat fee calculated on the average daily NAV of the Sub-Fund attributable to the relevant class of shares and is payable monthly in arrears.

Sub-Funds ETF Share Classes Management Fee

UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-dis 15 bps per annumUBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – EURO STOXX 50 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Europe UCITS ETF (EUR) A-dis 20 bps per annum

UBS ETF – MSCI Europe UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI Europe UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CHF) A-acc 30 bps per annum

UBS ETF – MSCI Europe UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to USD) A-acc 30 bps per annum

UBS ETF – MSCI Europe UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to EUR) A-acc 30 bps per annum

UBS ETF – MSCI Europe UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to GBP) A-acc 30 bps per annum

UBS ETF – MSCI Europe UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to ILS) A-dis Not yet launched

UBS ETF – MSCI Europe UCITS ETF (hedged to ILS) A-acc Not yet launched

UBS ETF – MSCI EMU UCITS ETF (EUR) A-dis 18 bps per annum

UBS ETF – MSCI EMU UCITS ETF (EUR) A-acc 18 bps per annum

UBS ETF – MSCI EMU UCITS ETF (EUR) A-UK dis 18 bps per annum

UBS ETF – MSCI EMU UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to CHF) A-acc Not yet launched


405

Note 3 Agreements (continued) Sub-Funds ETF Share Classes Management Fee

UBS ETF – MSCI EMU UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to GBP) A-dis 28 bps per annum

UBS ETF – MSCI EMU UCITS ETF (hedged to GBP) A-acc 28 bps per annum

UBS ETF – MSCI EMU UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to SGD) A-acc 28 bps per annum

UBS ETF – MSCI EMU UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI EMU UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI EMU hedged to CHF UCITS ETF (CHF) A-dis Not yet launched

UBS ETF – MSCI EMU hedged to CHF UCITS ETF (CHF) A-acc 28 bps per annum

UBS ETF – MSCI EMU hedged to USD UCITS ETF (USD) A-dis 28 bps per annum

UBS ETF – MSCI EMU hedged to USD UCITS ETF (USD) A-acc 28 bps per annum

UBS ETF – MSCI EMU Value UCITS ETF (EUR) A-dis 25 bps per annum

UBS ETF – MSCI EMU Value UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI EMU Small Cap UCITS ETF (EUR) A-dis 33 bps per annum

UBS ETF – MSCI EMU Small Cap UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-dis 28 bps per annum

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CHF) A-acc 38 bps per annum

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to USD) A-acc 38 bps per annum

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to GBP) A-dis 38 bps per annum

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis 28 bps per annum

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to CHF) A-acc 38 bps per annum

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to USD) A-acc 38 bps per annum

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to GBP) A-dis 38 bps per annum

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis 28 bps per annum

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to CHF) A-acc 38 bps per annum

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to USD) A-acc 38 bps per annum

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to GBP) A-dis 38 bps per annum

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (EUR) A-dis 28 bps per annum


406


UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to CHF) A-acc 38 bps per annum

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to USD) A-acc 38 bps per annum

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to GBP) A-dis 38 bps per annum

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (GBP) A-dis 20 bps per annum

UBS ETF – FTSE 100 UCITS ETF (GBP) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (GBP) A-UK dis 20 bps per annum

UBS ETF – FTSE 100 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – FTSE 100 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-dis 20 bps per annum

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-UK dis 20 bps per annum

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-acc 20 bps per annum

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to SGD) A-acc 30 bps per annum

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI United Kingdom UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF (CHF) A-dis Not yet launched

UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF (CHF) A-acc 30 bps per annum

UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF (EUR) A-dis 30 bps per annum

UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF (EUR) A-acc 30 bps per annum

UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF (USD) A-dis 30 bps per annum

UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF (USD) A-acc 30 bps per annum

UBS ETF – MSCI Japan UCITS ETF (JPY) A-dis 35 bps per annum

UBS ETF – MSCI Japan UCITS ETF (JPY) A-acc 35 bps per annum

UBS ETF – MSCI Japan UCITS ETF (JPY) A-UK dis 35 bps per annum

UBS ETF – MSCI Japan UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to GBP) A-dis 45 bps per annum

UBS ETF – MSCI Japan UCITS ETF (hedged to GBP) A-acc 45 bps per annum

UBS ETF – MSCI Japan UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to SGD) A-dis Not yet launched


407


UBS ETF – MSCI Japan UCITS ETF (hedged to SGD) A-acc 45 bps per annum

UBS ETF – MSCI Japan UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Japan UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Japan hedged to CHF UCITS ETF (CHF) A-dis Not yet launched

UBS ETF – MSCI Japan hedged to CHF UCITS ETF (CHF) A-acc 45 bps per annum

UBS ETF – MSCI Japan hedged to EUR UCITS ETF (EUR) A-dis 45 bps per annum

UBS ETF – MSCI Japan hedged to EUR UCITS ETF (EUR) A-acc 45 bps per annum

UBS ETF – MSCI Japan hedged to USD UCITS ETF (USD) A-dis 45 bps per annum

UBS ETF – MSCI Japan hedged to USD UCITS ETF (USD) A-acc 45 bps per annum

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (JPY) A-dis 40 bps per annum

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (JPY) A-acc Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (JPY) A-UK dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to CHF) A-dis 50 bps per annum

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to EUR) A-acc 50 bps per annum

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to USD) A-acc 50 bps per annum

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis 30 bps per annum

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-UK dis 30 bps per annum

UBS ETF – MSCI USA UCITS ETF (USD) A-dis 14 bps per annum

UBS ETF – MSCI USA UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (USD) A-UK dis 14 bps per annum

UBS ETF – MSCI USA UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI USA UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Canada UCITS ETF (CAD) A-dis 33 bps per annum

UBS ETF – MSCI Canada UCITS ETF (CAD) A-acc 33 bps per annum

UBS ETF – MSCI Canada UCITS ETF (CAD) A-UK dis 33 bps per annum

UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc 43 bps per annum

UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-acc 43 bps per annum

UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis 43 bps per annum

UBS ETF – MSCI Canada UCITS ETF (hedged to CHF) A-acc 43 bps per annum

UBS ETF – MSCI Canada UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Canada UCITS ETF (hedged to USD) A-acc 43 bps per annum

UBS ETF – MSCI Canada UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Canada UCITS ETF (hedged to SGD) A-acc 43 bps per annum

UBS ETF – MSCI Canada UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (AUD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (AUD) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (AUD) A-UK dis Not yet launched


408


UBS ETF – MSCI Australia UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Australia UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-dis 45 bps per annum

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-UK dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Singapore UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-dis 45 bps per annum

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-UK dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Hong Kong UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-dis 20 bps per annum

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-acc 20 bps per annum

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-UK dis 20 bps per annum

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-dis 30 bps per annum

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-acc 30 bps per annum

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to SGD) A-acc 30 bps per annum

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF (EUR) A-dis 30 bps per annum

UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF (EUR) A-acc 30 bps per annum

UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF (USD) A-dis 30 bps per annum


409


UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF (USD) A-acc 30 bps per annum

UBS ETF – MSCI World UCITS ETF (USD) A-dis 30 bps per annum

UBS ETF – MSCI World UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-dis 45 bps per annum

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-UK dis 45 bps per annum

UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF (USD) A-dis 53 bps per annum

UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI World Socially Responsible UCITS ETF (USD) A-dis 38 bps per annum

UBS ETF – MSCI World Socially Responsible UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (USD) A-dis 33 bps per annum

UBS ETF – MSCI USA Socially Responsible UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CHF) A-dis 43 bps per annum

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CHF) A-acc 43 bps per annum

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to EUR) A-dis 43 bps per annum

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (EUR) A-dis 28 bps per annum

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (EUR) A-acc 28 bps per annum

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CHF) A-dis 38 bps per annum

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CHF) A-acc 38 bps per annum

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to USD) A-acc 38 bps per annum

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Pacific Socially Responsible UCITS ETF (USD) A-dis 40 bps per annum

UBS ETF – MSCI Pacific Socially Responsible UCITS ETF (USD) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Germany UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to USD) A-acc Not yet launched


410


UBS ETF – MSCI Italy UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Italy UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (EUR) A-UK dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – MSCI Spain UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (USD) A-dis 20 bps per annum


UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to EUR) A-dis 25 bps per annum










UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF (USD) A-dis 20 bps per annum


UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF (hedged to EUR) A-dis Not yet launched










UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to EUR) A-dis 25 bps per annum

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-dis 15 bps per annum1


411


UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-acc 15 bps per annum1

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to EUR) A-acc 20 bps per annum2

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to EUR) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to GBP) A-acc 20 bps per annum2

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to GBP) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CHF) A-acc 20 bps per annum2

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CHF) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (USD) A-dis 20 bps per annum

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (EUR) A-dis 20 bps per annum

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (EUR) A-dis 20 bps per annum

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF (EUR) A-dis 17 bps per annum

UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF (EUR) A-dis 20 bps per annum

UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF (EUR) A-dis 17 bps per annum


412


UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – SBI® Foreign AAA-BBB 1-5 UCITS ETF (CHF) A-dis 20 bps per annum


UBS ETF – SBI® Foreign AAA-BBB 5-10 UCITS ETF (CHF) A-dis 20 bps per annum


UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (EUR) A-dis 18 bps per annum

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to USD) A-acc 23 bps per annum

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-acc 23 bps per annum

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis 18 bps per annum

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (USD) A-acc Not yet launched


413


UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to EUR) A-acc 23 bps per annum

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to GBP) A-dis 23 bps per annum

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-acc 23 bps per annum

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays UK Liquid Corporates 1-5 Year UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (USD) A-dis 5 bps per annum

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (USD) A-dis 18 bps per annum

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to EUR) A-acc 23 bps per annum

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to GBP) A-dis 23 bps per annum

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to CHF) A-acc 23 bps per annum

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-dis 20 bps per annum

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to EUR) A-acc 25 bps per annum

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-dis 25 bps per annum

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CHF) A-dis 25 bps per annum

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to SGD) A-acc Not yet launched


414


UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis 20 bps per annum

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-acc 20 bps per annum

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to CHF) A-dis 25 bps per annum

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to CHF) A-acc 25 bps per annum

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (USD) A-dis 42 bps per annum

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (USD) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to EUR) A-acc 47 bps per annum

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to GBP) A-dis 47 bps per annum

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to CHF) A-acc 47 bps per annum

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (USD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (USD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (USD) A-UK dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – Bloomberg Barclays USD Emerging Markets Corporates UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis 42 bps per annum

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-UK dis Not yet launched


415


UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to CHF) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to CHF) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to EUR) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to EUR) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to GBP) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to GBP) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to SGD) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to SGD) A-acc Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to CAD) A-dis Not yet launched

UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to CAD) A-acc Not yet launched

UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis Not yet launched

UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-acc Not yet launched

UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-UK dis Not yet launched 1 Effective 1 April 2017, due to reduction of management fees the rate changed from 20 bps per annum to 15 bps per annum 2 Effective 1 April 2017, due to reduction of management fees the rate changed from 25 bps per annum to 20 bps per annum The fees of the service providers and any other costs or expenses in respect of each Sub- Fund and/or ETF share class do together not exceed the Management Fee payable by the assets attributable to the relevant ETF share class in that Sub-Fund. Any additional fees, costs or expenses, not met out of the Management Fee is paid by the distributor.

The Management Company appointed:

a) UBS Asset Management (UK) Ltd, 5 Broadgate, EC2M 2QS London (the “Portfolio Manager”) or

b) UBS AG, UBS Asset Management, Basel und Zurich, Aeschenvorstadt 1, CH-4002 Basel,

and Bahnhofstrasse 45, CH-8098 Zurich

c) UBS Asset Management (Americas) Inc., UBS Tower, One North Wacker Drive, IL 60606, Chicago.

to act as Portfolio Manager of all the current equity based or fixed income based listed Sub-Funds.

The portfolio Manager is commissioned to manage the securities portfolio, to meet decisions regarding foreign exchange spot and forward transactions and will instruct all relevant equity transactions in conformity with the specified investment restrictions.

UBS AG (the “Distributor”) is acting as distributor and is responsible for the marketing of the Shares and promoting the establishment and operation of a secondary market in Shares as well as other general marketing activities.

Directors Andreas Haberzeth, Clemens Reuter and Frank Müsel are employees of UBS AG which acts as the distributor and as the portfolio manager. Director Ian Ashment is an employee of UBS Asset Management (UK) Ltd which acts as portfolio manager. Director Jörgen Jessen is an Independent Board Member, appointed on 18 April 2017.

State Street Bank Luxembourg S.C.A., 49, Avenue J.F. Kennedy, L-1855 Luxembourg, acts as the Company's administrator, domiciliary, corporate and paying agent in Luxembourg, registrar and transfer agent and is responsible for the general administrative duties involved in administering the Company as prescribed by Luxembourg laws and acting as the transfer agent. These duties include domiciliation, calculation of the Daily NAV per Share and the keeping of the Company's accounts, as well as reporting. Moreover, the administrative agent will be responsible for the issue and redemption of shares in the Company, and all related operations, including processing all subscriptions, redemptions and conversions to or from Authorized Participants.


416

Note 4 Taxation

Investors should be aware that tax regulations and their application or interpretation by the relevant taxation authorities can change periodically. The following should not be taken as constituting legal or tax advice. Investors should obtain information and, if necessary, should consult their professional advisers on the possible tax or other consequences of buying, holding, transferring or selling the Shares under the laws of their countries of origin citizenship, residence or domicile.

Under current laws and practice, the Company is not liable to any Luxembourg income tax, nor are dividends paid by the Company liable to any Luxembourg withholding tax. ETFs (whether UCITS or not) are exempt from the Taxe d’Abonnement if their securities are listed or traded on at least one stock exchange or another regulated market operating regularly, recognized and open to the public.

No stamp duty or other tax is payable in Luxembourg on the issue of shares by the Company.

The Directors intend that all share classes in each Sub-Fund will be certified by HM Revenue & Customs in the UK as reporting funds. The reporting fund status will remain in place permanently provided that the annual reporting requirements are satisfied. In broad terms, a "reporting fund" is an offshore fund that meets certain annual reporting requirements to HM Revenue & Customs and its investors. The Directors intend to manage the affairs of the Company so that these annual duties are met and will continue to be met on an ongoing basis.

Each Sub-Fund of the Company is subject to taxation on capital gains, interest and dividends in certain jurisdictions in which each Sub-Fund invests. It is the policy of each Sub-Fund to accrue for such taxes when the dividend is declared or interest is earned. At each valuation date, taxation on unrealised appreciation of securities is accrued for at applicable rates.

The Common Reporting Standard (“CRS”) has been developed by the OECD to address the issue of offshore tax evasion on a global basis. Prospective investors will be required to provide to the Fund information about themselves and their tax status prior to investment in order to enable the Fund to satisfy its obligations under CRS, and to update that information on a continuing basis. Prospective investors should note the Fund’s obligation to disclose such information to the Luxembourg tax authority. The Luxembourg tax authorities will exchange the information with other tax authorities in participating CRS jurisdictions on an annual basis. Each investor acknowledges that the Fund may take such action as it considers necessary in relation to such investor’s holding in the Fund to ensure that any withholding tax suffered by the Fund and any other related costs, interest, penalties and other losses and liabilities arising from such investor’s failure to provide the requested information to the Fund is economically borne by such investor.

FATCA is the Foreign Account Tax Compliance Act which aims to gather information on overseas accounts held by US Persons and ultimately ensure that the correct amount of tax is paid by US taxpayers.

FATCA enforces reporting obligations on foreign Financial Institutions (“FIs”) where these accounts are held.

The Directors intend that UBS ETFs will continue to be compliant with FATCA and the relevant Intergovernmental Agreement (IGA) regulations. UBS ETF has been classified as a Sponsored Investment Entity. The sponsoring entity is UBS Fund Management (Luxembourg) S.A. with the GIIN: 9D0VT6.00000.SP.442

Section 871(m) of the US Tax Code requires withholding (up to 30%, depending on whether a treaty applies) on certain financial instruments to the extent that the payments or deemed payments on the financial instruments are contingent upon or determined by reference to U.S.-source dividends. Under U.S. Treasury Department regulations, certain payments or deemed payments to the Company with respect to certain equity-linked instruments that reference U.S. stocks may be treated as dividend equivalents that are subject to U.S. withholding tax at a rate of 30% (or lower treaty rate). Under these regulations, withholding may be required even in the absence of any actual dividend-related payment or adjustment made pursuant to the terms of the instrument. If the Company becomes subject to a


417

Note 4 Taxation (continued)

withholding tax as a result of 871(m), the value of the Shares held by the Shareholders may be materially affected. All prospective investors/Shareholders should consult with their own tax advisors regarding the possible implications of 871(m) on an investment in the Company.

Note 5 Distribution

Within the limits provided by Luxembourg law, the Board of Directors determines how the income of each Sub-Fund shall be dealt with, and may from time to time declare distributions. The Board of Directors may decide to pay interim dividends in compliance with the conditions set forth by Luxembourg law.

The Company intends for each Sub-Fund to distribute its net income in order to achieve the maximum tracking accuracy of the relevant Index. An income equalization amount will be calculated by reference to the amount of the Daily NAV Per Share representing the accrued net income (or deficit) at the time when a subscription or a redemption in kind is made so that the dividend representing the net investment income corresponds to the net income return of the Index.

Net Investment Income used for determination of distributions may be different that Net Investment Income as per accounting records due to UK tax reporting requirements.

During the year ended 31 December 2017, the Company resolved to pay to all shareholders of the Sub-Funds mentioned below dividends which are mainly composed of the income net of all costs and expenses incurred by the respective Sub-Fund as detailed in the following table.

Sub-Funds

(ETF Share Classes) Ex-

Dividend Date

Payment Date Currency Number of

Shares Dividend

Per Share

Total Amount of

Dividends Paid

Net Investment

Income/Loss

UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 23,547,439 0.1723 4,057,223

UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 20,105,270 0.8409 16,906,522

20,963,745 19,768,859

UBS ETF – MSCI Europe UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 4,740,692 0.5089 2,412,539

UBS ETF – MSCI Europe UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 3,903,292 1.3643 5,325,261

7,737,800 7,604,937

UBS ETF – MSCI EMU UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 14,385,848 0.5106 7,345,414

UBS ETF – MSCI EMU UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 17,245,056 2.6228 45,230,333

UBS ETF – MSCI EMU UCITS ETF (EUR) A-UK dis 31 Jul 2017 3 Aug 2017 EUR 2,190,046 0.3796 831,341

53,407,088 78,503,723

UBS ETF – MSCI EMU hedged to USD UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 1144734 0.4973 569,276

569,276 26,601,915

UBS ETF – MSCI EMU hedged to GBP UCITS ETF (GBP) A-dis * 31 Jan 2017 3 Feb 2017 GBP 2,424,376 0.1054 255,529

UBS ETF – MSCI EMU hedged to GBP UCITS ETF (GBP) A-dis * 31 Jul 2017 3 Aug 2017 GBP 2,661,643 0.3594 956,595

1,212,124 1,730,108


418

Note 5 Distribution (continued)

Sub-Funds (ETF Share Classes)

Ex- Dividend

Date Payment

Date Currency Number ofShares

Dividend Per

Share

Total Amount of

Dividends Paid

NetInvestment

Income/Loss

UBS ETF – MSCI EMU Value UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 1,762,184 0.4115 725,139

UBS ETF – MSCI EMU Value UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 8,490,747 0.9941 8,440,651

9,165,790 5,475,120

UBS ETF – MSCI EMU Small Cap UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 341,793 0.2648 90,507

UBS ETF – MSCI EMU Small Cap UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 1,009,611 1.4604 1,474,436

1,564,943 1,506,015

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 550,000 0.0289 15,895

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to GBP) A-dis 31 Jan 2017 3 Feb 2017 EUR 40,000 0.0143 572

UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 1,935,942 0.3169 613,500

UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to GBP) A-dis 31 Jul 2017 3 Aug 2017 EUR 40,000 0.2163 8,652

638,619 853,682

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 845,000 0.1879 158,776

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to GBP)

A-dis 31 Jan 2017 3 Feb 2017 EUR 160,000 0.0155 2,480

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 1,720,465 0.3643 626,765

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to GBP)

A-dis 31 Jul 2017 3 Aug 2017 EUR 160,000 0.3038 48,608

836,629 642,910

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to GBP)

A-dis 31 Jan 2017 3 Feb 2017 EUR 40,000 0.0317 1,268

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to GBP)

A-dis 31 Jul 2017 3 Aug 2017 EUR 40,000 0.2397 9,588

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 2,849,300 0.2848 811,481

822,337 1,328,355


419



Ex- Dividend

Date Payment


Dividend Per

Share

Total Amount of

Dividends Paid

NetInvestment

Income/Loss

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (EUR)

A-dis 31 Jan 2017 3 Feb 2017 EUR 400,000 0.0584 23,360


(hedged to GBP) A-dis 31 Jan 2017 3 Feb 2017 EUR 40,000 0.0371 1,484

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (EUR)

A-dis 31 Jul 2017 3 Aug 2017 EUR 407,000 0.4473 182,051


(hedged to GBP) A-dis 31 Jul 2017 3 Aug 2017 EUR 40,000 0.3270 13,080

219,975 350,505

UBS ETF – FTSE 100 UCITS ETF (GBP) A-dis 31 Jan 2017 3 Feb 2017 GBP 1,811,157 0.6665 1,207,136

UBS ETF – FTSE 100 UCITS ETF (GBP) A-UK dis 31 Jan 2017 3 Feb 2017 GBP 284,340 0.0073 2,076

UBS ETF – FTSE 100 UCITS ETF (GBP) A-dis 31 Jul 2017 3 Aug 2017 GBP 1,500,157 1.6647 2,497,311

UBS ETF – FTSE 100 UCITS ETF (GBP) A-UK dis 31 Jul 2017 3 Aug 2017 GBP 242,742 0.2582 62,676

3,769,199 4,558,339

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-dis 31 Jan 2017 3 Feb 2017 GBP 530,088 0.3076 163,055

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-UK dis 31 Jan 2017 3 Feb 2017 GBP 1,142,059 0.0081 9,251

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-dis 31 Jul 2017 3 Aug 2017 GBP 373,894 0.5729 214,204

UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-UK dis 31 Jul 2017 3 Aug 2017 GBP 918,295 0.2997 275,213

661,723 26,177,222

UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF (EUR)

A-dis 31 Jan 2017 3 Feb 2017 EUR 172,332 0.1995 34,380

UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF (EUR)

A-dis 31 Jul 2017 3 Aug 2017 EUR 384,362 0.3881 149,171

183,551 17,112,425

UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF (USD)

A-dis 31 Jan 2017 3 Feb 2017 USD 761,814 0.1504 114,577

UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF (USD)

A-dis 31 Jul 2017 3 Aug 2017 USD 657,781 0.3114 204,833

319,410 27,724,419


420



Ex- Dividend

Date Payment


Dividend Per

Share

Total Amount of

Dividends Paid

NetInvestment

Income/Loss

UBS ETF – MSCI Japan UCITS ETF (JPY) A-dis 31 Jan 2017 3 Feb 2017 JPY 19,667,092 32.3783 636,787,005

UBS ETF – MSCI Japan UCITS ETF (JPY) A-UK dis 31 Jan 2017 3 Feb 2017 JPY 669,975 0.4126 276,432

UBS ETF – MSCI Japan UCITS ETF (JPY) A-dis 31 Jul 2017 3 Aug 2017 JPY 22,720,562 33.9400 771,135,874

UBS ETF – MSCI Japan UCITS ETF (JPY) A-UK dis 31 Jul 2017 3 Aug 2017 JPY 580,875 12.9607 7,528,547

1,415,727,858 1,640,873,978

UBS ETF – MSCI Japan hedged to EUR UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 2,164,272 0.1214 262,743

UBS ETF – MSCI Japan hedged to EUR UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 3,179,161 0.1334 424,100

686,843 4,553,809

UBS ETF – MSCI Japan hedged to GBP UCITS ETF (GBP) A-dis * 31 Jan 2017 3 Feb 2017 GBP 2,163,017 0.1135 245,502

UBS ETF – MSCI Japan hedged to GBP UCITS ETF (GBP) A-dis * 31 Jul 2017 3 Aug 2017 GBP 2,186,415 0.1844 403,175

648,677 836,419

UBS ETF – MSCI Japan hedged to USD UCITS ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 586,625 0.1338 78,490

UBS ETF – MSCI Japan hedged to USD UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 687,612 0.1555 106,924

185,414 5,154,898

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (JPY) A-dis 31 Jan 2017 3 Feb 2017 JPY 1,316,900 19.1919 25,273,813

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to

CHF) A-dis 31 Jan 2017 3 Feb 2017 JPY 273,998 10.9775 3,007,813

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (JPY) A-dis 31 Jul 2017 3 Aug 2017 JPY 2,572,755 15.0630 38,753,409

UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to

CHF) A-dis 31 Jul 2017 3 Aug 2017 JPY 445,015 12.4076 5,521,568

72,556,603 81,319,255

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 4,727,187 0.6787 3,208,342

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-UK dis 31 Jan 2017 3 Feb 2017 USD 403,047 0.0072 2,902

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 4,811,786 0.8212 3,951,439

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-UK dis 31 Jul 2017 3 Aug 2017 USD 393,064 0.2373 93,274

7,255,957 7,889,609

UBS ETF – MSCI USA UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 2,530,767 1.5186 3,843,223

UBS ETF – MSCI USA UCITS ETF (USD) A-UK dis 31 Jul 2017 3 Aug 2017 USD 114,493 0.1356 15,525

3,858,748 8,033,977


421



Ex- Dividend

Date Payment


Dividend Per

Share

Total Amount of

Dividends Paid

NetInvestment

Income/Loss

UBS ETF – MSCI Canada UCITS ETF (CAD) A- dis 31 Jan 2017 3 Feb 2017 CAD 16,079,134 0.5867 9,433,628

UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis 31 Jan 2017 3 Feb 2017 CAD 23,983 0.1892 4,537

UBS ETF – MSCI Canada UCITS ETF (CAD) A- dis 31 Jul 2017 3 Aug 2017 CAD 11,434,281 0.3794 4,338,166

UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis 31 Jul 2017 3 Aug 2017 CAD 23,983 0.1972 4,730

UBS ETF – MSCI Canada UCITS ETF (CAD) A- UK dis 31 Jul 2017 3 Aug 2017 CAD 280,895 0.1368 38,427

13,819,488 11,245,787

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-dis 1 Feb 2017 6 Feb 2017 SGD 1,605,539 0.3985 639,807

UBS ETF – MSCI Singapore UCITS ETF (SGD) A-dis 31 Jul 2017 3 Aug 2017 SGD 1,514,539 0.3123 472,991

1,112,798 1,189,777

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-dis 31 Jan 2017 7 Feb 2017 HKD 2,297,000 1.1470 2,634,659

UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-dis 31 Jul 2017 3 Aug 2017 HKD 2,197,000 2.6930 5,916,521

8,551,180 9,651,378

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-dis 31 Jan 2017 3 Feb 2017 CHF 8,687,559 0.0408 354,453

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-dis 31 Jan 2017 3 Feb 2017 CHF 468,090 0.0181 8,473

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-dis 31 Jul 2017 3 Aug 2017 CHF 7,948,249 0.2745 2,181,794

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-dis 31 Jul 2017 3 Aug 2017 CHF 1,315,758 0.2991 393,543

UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-UK dis 31 Jul 2017 3 Aug 2017 CHF 1,692,647 0.2339 395,910

3,334,173 11,835,255

UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF (EUR)

A-dis 31 Jul 2017 3 Aug 2017 EUR 402,286 0.2254 90,675

90,675 2,730,382

UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF (USD)

A-dis 31 Jul 2017 3 Aug 2017 USD 315,096 0.3155 99,413

99,413 2,433,212

UBS ETF – MSCI World UCITS ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 8,426,113 1.5008 12,645,910

UBS ETF – MSCI World UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 6,797,504 1.9447 13,219,106

25,865,016 24,057,862


422



Ex- Dividend

Date Payment


Dividend Per

Share

Total Amount of

Dividends Paid

NetInvestment

Income/Loss

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-dis 2 Feb 2017 7 Feb 2017 USD 8,431,697 0.9907 8,353,282

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-UK dis 2 Feb 2017 7 Feb 2017 USD 1,774,940 0.0349 61,945

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 9,572,133 0.8073 7,727,583

UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-UK dis 31 Jul 2017 3 Aug 2017 USD 1,519,940 0.1198 182,089

16,324,899 16,437,562


(USD) A-dis 2 Feb 2017 7 Feb 2017 USD 18,419,253 0.1687 3,107,328


(USD) A-dis 31 Jul 2017 3 Aug 2017 USD 24,433,253 0.1086 2,653,451

5,760,779 5,654,714

UBS ETF – MSCI World Socially Responsible UCITS ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 3,490,600 0.8535 2,979,227

UBS ETF – MSCI World Socially Responsible UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 4,499,404 0.8352 3,757,902

6,737,129 6,107,102

UBS ETF – MSCI USA Socially Responsible UCITS ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 3,089,268 0.7564 2,336,722

UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to

CHF) A-dis 31 Jan 2017 3 Feb 2017 USD 1,294,330 0.0838 108,465


EUR) A-dis 31 Jan 2017 3 Feb 2017 USD 810,695 0.1300 105,390

UBS ETF – MSCI USA SociallyResponsible UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 4,468,477 0.5070 2,265,518


CHF) A-dis 31 Jul 2017 3 Aug 2017 USD 1,298,330 0.0659 85,560


EUR) A-dis 31 Jul 2017 3 Aug 2017 USD 1,554,695 0.0674 104,787

5,006,442 5,169,126

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 1,775,672 0.9732 1,728,084

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to

CHF) A-dis 31 Jan 2017 3 Feb 2017 EUR 400,000 0.0297 11,880

UBS ETF – MSCI EMU SociallyResponsible UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 3,398,032 1.5143 5,145,640

UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to

CHF) A-dis 31 Jul 2017 3 Aug 2017 EUR 687,747 0.2247 154,537

7,040,141 5,793,462

UBS ETF – MSCI Pacific Socially Responsible UCITS ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 642,901 1.0025 644,508

UBS ETF – MSCI Pacific Socially Responsible UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 1,182,834 0.7440 880,029

1,524,537 1,536,201


423



Ex- Dividend

Date Payment


Dividend Per

Share

Total Amount of

Dividends Paid

NetInvestment

Income/Loss


(USD) A-dis 31 Jan 2017 3 Feb 2017 USD 1,813,525 0.0663 120,237


(hedged to EUR) A-dis 31 Jan 2017 3 Feb 2017 USD 1,734,204 0.0401 69,542


(USD) A-dis 31 Jul 2017 3 Aug 2017 USD 2,303,525 0.0877 202,019


(hedged to EUR) A-dis 31 Jul 2017 3 Aug 2017 USD 2,734,204 0.0445 121,672

513,470 745,520


(USD) A-dis 31 Jan 2017 3 Feb 2017 USD 258,079 0.4194 108,239


(USD) A-dis 31 Jul 2017 3 Aug 2017 USD 298,079 0.3482 103,791

212,030 225,198


(hedged to EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 1,680,000 0.0544 91,392


(hedged to EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 2,960,000 0.1269 375,624

467,016 585,881

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 1,750,000 0.0312 54,600

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 2,598,483 0.1190 309,220

363,820 13,795,107

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 1,040,000 0.0473 49,192

UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 720,000 0.2140 154,080

203,272 209,999

UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 925,000 0.2589 239,483

UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 800,000 0.4035 322,800

562,283 621,430

UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 5250000 0.0009 4,725

4,725 13,484

UBS ETF – SBI® Foreign AAA-BBB 5-10 UCITS ETF (CHF) A-dis 31 Jan 2017 3 Feb 2017 CHF 8,400,000 0.0043 36,120

UBS ETF – SBI® Foreign AAA-BBB 5-10 UCITS ETF (CHF) A-dis 31 Jul 2017 3 Aug 2017 CHF 6,800,000 0.0069 46,920

83,040 56,640


424



Ex- Dividend

Date Payment


Dividend Per

Share

Total Amount of

Dividends Paid

NetInvestment

Income/Loss

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year

UCITS ETF (EUR) A-dis 31 Jan 2017 3 Feb 2017 EUR 9,818,044 0.0417 409,412

UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year

UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 22,709,191 0.0211 479,164

888,576 1,359,499

UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS

ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 7,363,358 0.1518 1,117,758


ETF (hedged to GBP) A-dis 31 Jan 2017 3 Feb 2017 USD 8,554,073 0.1942 1,661,201


ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 8,346,157 0.1442 1,203,516


ETF (hedged to GBP) A-dis 31 Jul 2017 3 Aug 2017 USD 10,331,342 0.1625 1,678,843

5,661,318 17,265,514

UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (USD)

A-dis 31 Jan 2017 3 Feb 2017 USD 6,536,572 0.3284 2,146,610


A-DH-dis * 31 Jan 2017 3 Feb 2017 USD 1,212,947 0.1724 209,112


(hedged to GBP) A-dis 31 Jan 2017 3 Feb 2017 USD 2,011,568 0.1598 321,449


A-dis 31 Jul 2017 3 Aug 2017 USD 16,686,155 0.1455 2,427,836


A-DH-dis * 31 Jul 2017 3 Aug 2017 USD 2,135,080 0.1597 340,972


(hedged to GBP) A-dis 31 Jul 2017 3 Aug 2017 USD 2,737,026 0.2905 795,106

6,241,085 26,176,130

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable

UCITS ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 EUR 449,705 0.1780 80,048

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-dis

31 Jan 2017 3 Feb 2017 EUR 1,207,653 0.3463 418,210


UCITS ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 EUR 654,474 0.2847 186,329

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to GBP) A-dis

31 Jul 2017 3 Aug 2017 EUR 1,692,936 0.1816 307,437

UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CHF) A-dis

31 Jul 2017 3 Aug 2017 EUR 1,248,275 0.1435 179,127

1,171,151 2,653,251


425



Ex- Dividend

Date Payment


Dividend Per

Share

Total Amount of

Dividends Paid

NetInvestment

Income/Loss

UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates

Sustainable UCITS ETF (EUR) A-dis 31 Jul 2017 3 Aug 2017 EUR 2,850,000 0.0677 192,945

192,945 409,158

UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS

ETF (USD) A-dis 31 Jan 2017 3 Feb 2017 USD 2,100,000 0.3021 634,410


ETF (hedged to GBP) A-dis 31 Jan 2017 3 Feb 2017 USD 484,556 0.4282 207,487


ETF (USD) A-dis 31 Jul 2017 3 Aug 2017 USD 3,624,136 0.2579 934,665


ETF (hedged to GBP) A-dis 31 Jul 2017 3 Aug 2017 USD 4,470,489 0.1167 521,706

2,298,268 6,576,139

* The ETF Share Class merged, see Note 1 for further details. Note 6 Transactions by the Company

As a result of each Sub-Fund typically receiving (or delivering) securities through in kind subscriptions (or redemptions) made by Authorized Participants or versus cash, Sub-Funds will normally not incur high levels of investment transactions. In accordance with the investment policy of each Sub-Fund investment transactions may be entered into periodically by the Company in seeking to achieve the Sub-Fund’s Investment Objectives.

Subject to the investment policy established by the Board of Directors, the Portfolio Manager of each Sub-Fund is responsible for the execution of each Sub-Fund’s investment transactions and the allocation of the brokerage commissions and will select brokers who will provide the best overall service to the Company. The Company has no obligation to deal with any specific broker or group of brokers in execution of transactions in securities for a Sub-Fund. However, the Company contemplates that a substantial amount of such transactions will be conducted through Authorized Participants or their affiliates or affiliates of the relevant Portfolio Manager; provided always that any such person will endeavor to transact such transactions on a best execution basis. Certain transactions may be subject to a commission or dealer mark-up which may not be the lowest commission or spread available.

Note 7 Securities Lending

Securities lending is the temporary transfer of securities from the lender (UBS ETFs) to a third party borrower through an appointed lending agent. In exchange for the lent security the borrower provides collateral, prior to the delivery of securities, and pays a fee over the period of the loan. All loans within the lending program are open and rolled daily such that they can be terminated on demand.

UBS ETFs engage in securities lending for selected, physically replicated Funds with the aim of reducing the investor's net costs. Securities lending with UBS ETFs is always overcollateralised with at least 105% margin across all asset classes. An additional safeguard, introduced 1 April 2014, is that on loan balances are capped at 50% of each Sub-Fund’s AUM except for UBS ETF – EURO STOXX 50 UCITS ETF. For this Sub-Fund on-loan balance is capped at 25% of the sub-fund’s AUM.

Effective 4 May 2017, Sub-Fund tracking a "Socially Responsible" were not in the security lending program anymore.


426

Note 7 Securities Lending (continued)

In general, lending may only be effected via the Securities Lending Agent (State Street Bank International GmbH, London Branch) with the protection of an indemnity against borrower default provided for by State Street Bank and Trust Company. Collateral is held in a depositary account that is ring-fenced from the lending agents balance sheet. Mark to markets take place on a daily basis to ensure that the required margin levels are consistently maintained. Whilst State Street Bank and Trust Company provides a borrower indemnity and carefully selects its underlying list of borrowers an additional level of oversight is provided for by UBS Credit & Risk to structure a bespoke approved borrower list.

Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions cannot be sold, re-invested or pledged.

It should be noted that securities lending is subject to a certain risk where the borrower does not return the borrowed securities according to their obligation, and where the value of the collateral provided does not cover the costs of repurchase of the securities. In such cases, State Street Bank and Trust Company, under the terms of the borrower default indemnity, shall cover the cost of purchasing the replacement securities, subject to certain conditions.


427


Reporting Period: 1 January 2017 – 31 December 2017 UBS ETF – EURO STOXX 50 UCITS ETF


UBS ETF – MSCI EMU UCITS ETF

UBS ETF – MSCI EMU hedged to CHF

UCITS ETF

UBS ETF – MSCI EMU hedged to USD

UCITS ETF

Counterparty Exposure from Securities Lending as of 31 December 2017State Street*

- Market value of securities lent 1'000 EUR 8,503 13,734 152,905 17,568 47,121 - Collateral percentage of Market value / Collateral 1'000 EUR 105.4% / 8,965 107.6% / 14,779 107.7% / 164,726 107.8% / 18,937 107.4% / 50,617

Collateral Breakdown from Securities Lending (Weight in %) as of 31 December 2017by Asset Type:**

- Bonds 100.0% 46.7% 38.9% 29.2% 39.0% - Equities 0.0% 53.3% 61.1% 70.8% 61.0%

by Country:

United States – 35.5% Britain – 20.0%

Austria – 19.7% Belgium – 12.1%

Germany – 10.6% France – 2.0%

Netherlands – 0.1% - - - -



Belgium – 5.9% Australia – 5.0%

Netherlands – 4.7% Austria – 3.4%

Canada – 3.0% Spain – 2.6%

Other – 11.9%


Germany – 11.1% Austria – 5.4%

Belgium – 5.2% Netherlands – 4.6%

France – 4.3% Australia – 4.1% Canada – 3.7%

Switzerland – 3.3% Other – 11.8%

United States – 28.3% Britain – 17.3% Canada – 9.2%

Germany – 8.9% Netherlands – 4.7%

Austria – 4.5% France – 4.5% Japan – 4.2%

Switzerland – 3.4% Belgium – 3.3%

Other – 11.7%



Netherlands – 5.6% Canada – 4.8% France – 4.4%

Belgium – 4.4% Japan – 3.9%


by Credit Rating:- Rating > AA- 100.00% 100.00% 100.00% 100.00% 100.00% - Rating <=AA- 0.00% 0.00% 0.00% 0.00% 0.00% - Non-Investment Grade 0.00% 0.00% 0.00% 0.00% 0.00%

Securities LendingAssets and Revenues / Ratios*** Average Invested Assets**** 1'000 EUR (1) 703,398 266,717 3,299,595 411,044 1,027,771 Average Securities Lent 1'000 EUR (2) 22,313 27,824 254,538 34,369 58,237 Average Collateral received 1'000 EUR (3) 24,038 30,114 275,545 37,163 62,976 Average Securities Lending Collateral Ratio (3):(2) 107.7% 108.2% 108.3% 108.1% 108.1% Average Securities Lending Ratio (2):(1) 3.2% 10.4% 7.7% 8.4% 5.7% Securities Lending Revenues 1'000 EUR

State Street 1'000 EUR 287.2 168.1 1,938.6 249.6 522.4 Securities Lending Operational Costs/Fees to: 1'000 EUR 115.0 67.2 775.4 103.6 198.8

State Street (Lending Agent)***** 1'000 EUR 57.5 33.6 387.7 51.8 99.4 UBS AG****** 1'000 EUR 57.5 33.6 387.7 51.8 99.4

Securities Lending Fund Revenues 1'000 EUR 172.2 100.9 1,163.2 146.0 323.6 * Additional information can be found in the text above the table and on www.ubs.com/etf. Collateralisation of the securities lending is continually reviewed and adjusted as necessary. It can therefore be subject to change. More details about Securities Lending Borrowers and collateral details including a full list of collateral as of 31 December 2017 can be found at www.ubs.com/etf. More information regarding Lending Borrowers can be found in Appendix I (unaudited). ** Only for fixed income. Classifications are based on several rating agencies.*** Based on monthly averages for the reporting year from 1 January 2017 (or launch date) to 31 December 2017 (or liquidation date) **** Average Net Asset value ***** Entity related to depositary ****** Ultimate parent company of the Management Company


428


Reporting Period: 1 January 2017 – 31 December 2017 UBS ETF – MSCI

EMU hedged to GBP UCITS ETF

UBS ETF – MSCI EMU Value UCITS

ETF

UBS ETF – MSCI EMU Small Cap

UCITS ETF

UBS ETF – Factor MSCI EMU Quality

UCITS ETF



- Market value of securities lent 1'000 EUR - 17,979 29,268 956 703 - Collateral percentage of Market value / Collateral 1'000 EUR - / - 107.6% / 19,342 107.6% / 31,494 107.1% / 1,024 107.7% / 757


- Bonds - 48.7% 39.3% 52.7% 30.4% - Equities - 51.3% 60.7% 47.3% 69.6%

by Country:

- - - - - - - - - - -



Belgium – 6.4% France – 4.8%

Netherlands – 4.2% Japan – 3.5%

Canada – 3.2% Spain – 3.2%

Other – 12.6%



Netherlands – 7.9% Belgium – 6.1%

Australia – 4.3% Switzerland – 2.8%

Austria – 2.8% Spain – 2.6%

Other – 12.5%

United States – 51.7% Britain – 10.8% Austria – 9.5%

Canada – 6.6% Belgium – 6.4%



Denmark – 0.3% Other – 1.2%

United States – 59.4% Canada – 14.0%

France – 7.3% Britain – 6.5%

Germany – 5.1% Japan – 2.3%

Netherlands – 1.4% Belgium – 1.2%

Denmark – 0.7% Switzerland – 0.5%

Other – 1.5% by Credit Rating:

- Rating > AA- - 100.00% 100.00% 100.00% 100.00% - Rating <=AA- - 0.00% 0.00% 0.00% 0.00% - Non-Investment Grade - 0.00% 0.00% 0.00% 0.00%

Securities LendingAssets and Revenues / Ratios*** Average Invested Assets**** 1'000 EUR (1) 93,801 229,411 89,465 38,167 35,363 Average Securities Lent 1'000 EUR (2) 8,722 25,880 20,217 3,862 2,995 Average Collateral received 1'000 EUR (3) 9,446 27,969 21,757 4,175 3,243 Average Securities Lending Collateral Ratio (3):(2) 108.3% 108.1% 107.6% 108.1% 108.3% Average Securities Lending Ratio (2):(1) 9.3% 11.3% 22.6% 10.1% 8.5% Securities Lending Revenues 1'000 EUR

State Street 1'000 EUR 42.3 149.0 205.5 9.1 9.7 Securities Lending Operational Costs/Fees to: 1'000 EUR 17.0 59.6 82.2 3.6 3.8


Securities Lending Fund Revenues 1'000 EUR 25.3 89.4 123.3 5.5 5.9 * Additional information can be found in the text above the table and on www.ubs.com/etf. Collateralisation of the securities lending is continually reviewed and adjusted as necessary. It can therefore be subject to change. More details about Securities Lending Borrowers and collateral details including a full list of collateral as of 31 December 2017 can be found at www.ubs.com/etf. More information regarding Lending Borrowers can be found in Appendix I (unaudited). ** Only for fixed income. Classifications are based on several rating agencies.*** Based on monthly averages for the reporting year from 1 January 2017 (or launch date) to 31 December 2017 (or liquidation date) **** Average Net Asset value ***** Entity related to depositary ****** Ultimate parent company of the Management Company


429


Reporting Period: 1 January 2017 – 31 December 2017 UBS ETF – Factor MSCI EMU Low

Volatility UCITS ETF

UBS ETF – Factor MSCI EMU Total

Shareholder Yield UCITS ETF

UBS ETF – FTSE 100 UCITS ETF

UBS ETF – MSCI United Kingdom

UCITS ETF

UBS ETF – MSCI United Kingdom hedged to CHF

UCITS ETF


- Market value of securities lent 1'000 EUR 3,239 892 8,864 17,052 10,662 - Collateral percentage of Market value / Collateral 1'000 EUR 107.1% / 3,469 106.5% / 950 108.7% / 9,634 108.5% / 18,496 108.2% / 11,541


- Bonds 46.0% 72.4% 9.7% 12.7% 21.9% - Equities 54.0% 27.6% 90.3% 87.3% 78.1%

by Country:


Canada – 7.2% Austria – 6.2%

Germany – 5.5% Belgium – 4.3% France – 3.9%




Austria – 14.1% Belgium – 9.0%


Netherlands – 2.4% Canada – 1.9%

Japan – 1.4% Spain – 1.4% Other – 7.4%

Australia – 30.9% Britain – 20.8%

United States – 15.9% Hong Kong – 12.7%

Japan – 5.9% Germany – 5.4%

France – 2.1% Belgium – 1.5% Canada – 0.9%


Britain – 25.8% Germany – 12.9%

United States – 11.8% Netherlands – 7.2% Switzerland – 5.6%

Australia – 5.0% Japan – 4.3%

France – 4.1% Spain – 3.9%

Hong Kong – 3.7% Other – 15.7%

Britain – 17.0% United States – 14.9%

Germany – 8.8% Netherlands – 7.9%

France – 6.1% Hong Kong – 6.0%

Australia – 5.5% Spain – 5.0%

Switzerland – 4.5% Italy – 4.5%


- Rating > AA- 100.00% 100.00% 100.00% 100.00% 100.00% - Rating <=AA- 0.00% 0.00% 0.00% 0.00% 0.00% - Non-Investment Grade 0.00% 0.00% 0.00% 0.00% 0.00%






430


Reporting Period: 1 January 2017 – 31 December 2017 UBS ETF – MSCI United Kingdom hedged to EUR

UCITS ETF

UBS ETF – MSCI United Kingdom hedged to USD

UCITS ETF


UBS ETF – MSCI Japan hedged to CHF

UCITS ETF



- Market value of securities lent 1'000 EUR 10,248 13,778 178,979 73,332 93,762 - Collateral percentage of Market value / Collateral 1'000 EUR 108.4% / 11,104 108.5% / 14,955 107.8% / 193,025 108.6% / 79,605 108.4% / 101,683


- Bonds 18.4% 11.8% 35.8% 12.7% 17.7% - Equities 81.6% 88.2% 64.2% 87.3% 82.3%

by Country:


United States – 10.8% Netherlands – 7.6%

France – 5.0% Australia – 4.8%

Switzerland – 4.7% Spain – 4.4%

Hong Kong – 4.2% Italy – 3.9%

Other – 18.7%

Britain – 17.9% United States – 13.0%

Germany – 10.4% Netherlands – 8.1% Switzerland – 6.3%

Japan – 5.8% Australia – 5.6%

Spain – 5.4% France – 5.4%




Netherlands – 6.6% Japan – 5.7% Spain – 5.7%

Switzerland – 5.3% Belgium – 5.1%

Australia – 5.1% Other – 20.3%

Britain – 10.4% Netherlands – 10.2% United States – 9.6%

Japan – 9.0% Switzerland – 8.3%

Spain – 7.9% Germany – 7.5%

France – 7.0% Italy – 6.4%



Netherlands – 9.4% Germany – 9.3%

Japan – 8.1% France – 7.9%

Switzerland – 7.5% Spain – 7.2%

Hong Kong – 5.9% Italy – 5.8%








431


Reporting Period: 1 January 2017 – 31 December 2017 UBS ETF – MSCI Japan hedged to GBP UCITS ETF


UBS ETF – MSCI Japan Socially

Responsible UCITS ETF*******

UBS ETF – MSCI Pacific (ex Japan)

UCITS ETF UBS ETF – MSCI USA

UCITS ETF


- Market value of securities lent 1'000 EUR - 89,547 - 16,266 17,023 - Collateral percentage of Market value / Collateral 1'000 EUR - / - 108.5% / 97,126 - / - 108.2% / 17,606 112.0% / 19,065


- Bonds - 13.4% - 14.9% 14.6% - Equities - 86.6% - 85.1% 85.4%

by Country:

- - - - - - - - - - -

Netherlands – 11.0% Britain – 10.2%

Japan – 9.5% Switzerland – 8.8%

United States – 8.8% Spain – 7.8%


Italy – 6.2% Hong Kong – 5.9%

Other – 17.3%

- - - - - - - - - - -

United States – 58.0% Hong Kong – 11.9%


France – 3.7% Belgium – 2.1%

Netherlands – 1.5% Australia – 1.4%

Ireland – 1.4% Japan – 0.9% Other – 4.5%

United States – 20.8% Switzerland – 18.3%

Australia – 14.0% Germany – 9.4%

Japan – 8.8% Spain – 6.9%

Netherlands – 6.4% Hong Kong – 3.6%

Britain – 3.1% Canada – 2.0%


- Rating > AA- - 100.00% - 100.00% 100.00% - Rating <=AA- - 0.00% - 0.00% 0.00% - Non-Investment Grade - 0.00% - 0.00% 0.00%

Securities LendingAssets and Revenues / Ratios*** Average Invested Assets**** 1'000 EUR (1) 133,453 345,181 57,428 184,407 542,049 Average Securities Lent 1'000 EUR (2) 28,385 52,369 494 23,217 19,637 Average Collateral received 1'000 EUR (3) 30,886 56,766 536 24,988 22,012 Average Securities Lending Collateral Ratio (3):(2) 108.8% 108.4% 108.5% 107.6% 112.1% Average Securities Lending Ratio (2):(1) 21.3% 15.2% 0.9% 12.6% 3.6% Securities Lending Revenues 1'000 EUR



Securities Lending Fund Revenues 1'000 EUR 30.7 111.1 1.3 33.4 24.7 * Additional information can be found in the text above the table and on www.ubs.com/etf. Collateralisation of the securities lending is continually reviewed and adjusted as necessary. It can therefore be subject to change. More details about Securities Lending Borrowers and collateral details including a full list of collateral as of 31 December 2017 can be found at www.ubs.com/etf. More information regarding Lending Borrowers can be found in Appendix I (unaudited). ** Only for fixed income. Classifications are based on several rating agencies.*** Based on monthly averages for the reporting year from 1 January 2017 (or launch date) to 31 December 2017 (or liquidation date) **** Average Net Asset value ***** Entity related to depositary ****** Ultimate parent company of the Management Company******* Effective 4 May 2017, the Sub-Fund was not in the security lending program anymore.


432


Reporting Period: 1 January 2017 – 31 December 2017 UBS ETF – MSCI Canada UCITS ETF

UBS ETF – MSCI Singapore UCITS

ETF

UBS ETF – MSCI Hong Kong UCITS

ETF

UBS ETF – MSCI Switzerland 20/35

UCITS ETF


hedged to EUR UCITS ETF


- Market value of securities lent 1'000 EUR 38,227 263 702 17,569 7,773 - Collateral percentage of Market value / Collateral 1'000 EUR 108.1% / 41,325 108.4% / 285 108.7% / 763 108.7% / 19,099 107.5% / 8,356


- Bonds 37.4% 3.6% 50.8% 11.8% 40.9% - Equities 62.6% 96.4% 49.2% 88.2% 59.1%

by Country:

Netherlands – 26.4% United States – 11.4%

Switzerland – 10.7% Germany – 10.1%

Canada – 7.5% Italy – 7.1%

Japan – 6.3% France – 4.4% Britain – 3.9% Spain – 3.6% Other – 8.7%

Hong Kong – 68.3% United States – 11.4%

Ireland – 7.8% Austria – 3.8%

Australia – 1.8% Sweden – 1.7%

Singapore – 1.6% Canada – 0.7%


Other – 1.9%

Germany – 35.5% United States – 22.6%

France – 15.5% Britain – 5.0% Spain – 2.7%

Hong Kong – 2.7% Netherlands – 2.5%

Italy – 2.4% Australia – 2.3%

Japan – 2.1% Other – 6.7%


Netherlands – 6.9% Spain – 6.6%

Hong Kong – 6.0% Japan – 6.0%

France – 6.0% Italy – 5.8%

Switzerland – 5.6% Australia – 5.4%

Other – 16.9%


Netherlands – 10.4% France – 10.2%

Germany – 9.7% Belgium – 7.1%

Spain – 4.1% Hong Kong – 4.0% Italy

– 3.7% Australia – 3.5%



Securities LendingAssets and Revenues / Ratios*** Average Invested Assets**** 1'000 EUR (1) 394,158 25,608 35,978 718,672 219,132 Average Securities Lent 1'000 EUR (2) 17,900 283 520 26,599 9,646 Average Collateral received 1'000 EUR (3) 19,863 308 564 28,732 10,425 Average Securities Lending Collateral Ratio (3):(2) 111.0% 108.8% 108.5% 108.0% 108.1% Average Securities Lending Ratio (2):(1) 4.5% 1.1% 1.4% 3.7% 4.4% Securities Lending Revenues 1'000 EUR

State Street 1'000 EUR 1,152.4 0.8 3.7 580.5 177.5 Securities Lending Operational Costs/Fees to: 1'000 EUR 462.0 0.4 1.4 221.4 71.0




433


Reporting Period: 1 January 2017 – 31 December 2017 UBS ETF – MSCI

Switzerland 20/35 hedged to USD

UCITS ETF

UBS ETF – MSCI World UCITS ETF

UBS ETF – MSCI Emerging Markets

UCITS ETF


Socially Responsible UCITS ETF*******

UBS ETF – MSCI World Socially



- Market value of securities lent 1'000 EUR 4,727 71,370 57,928 - - - Collateral percentage of Market value / Collateral 1'000 EUR 107.5% / 5,081 109.3% / 78,031 110.6% / 64,083 - / - - / -


- Bonds 42.1% 23.9% 16.8% - - - Equities 57.9% 76.1% 83.2% - -

by Country:

Britain – 15.3% Netherlands – 12.0%

France – 12.0% Germany – 10.9%

Belgium – 7.8% United States – 6.2%


– 4.8% Australia – 4.4%

Other – 16.1%


Germany – 8.7% Switzerland – 8.6%

Australia – 8.3% Netherlands – 7.2%

Japan – 6.2% Spain – 5.2%

France – 5.0% Hong Kong – 4.8%

Other – 14.9%

United States – 72.1% France – 5.2% Britain – 4.3%

Belgium – 3.1% Germany – 2.9%

Netherlands – 2.7% Australia – 1.4%


– 1.1% Other – 4.5%

- - - - - - - - - - -

- - - - - - - - - - -

by Credit Rating:- Rating > AA- 100.00% 100.00% 100.00% - - - Rating <=AA- 0.00% 0.00% 0.00% - - - Non-Investment Grade 0.00% 0.00% 0.00% - -

Securities LendingAssets and Revenues / Ratios*** Average Invested Assets**** 1'000 EUR (1) 154,350 1,231,944 817,626 265,614 328,502 Average Securities Lent 1'000 EUR (2) 7,461 96,848 29,954 1,465 5,485 Average Collateral received 1'000 EUR (3) 8,068 105,807 32,677 1,574 6,055 Average Securities Lending Collateral Ratio (3):(2) 108.1% 109.3% 109.1% 107.4% 110.4% Average Securities Lending Ratio (2):(1) 4.8% 7.9% 3.7% 0.6% 1.7% Securities Lending Revenues 1'000 EUR



Securities Lending Fund Revenues 1'000 EUR 91.4 291.8 130.4 10.0 23.9 * Additional information can be found in the text above the table and on www.ubs.com/etf. Collateralisation of the securities lending is continually reviewed and adjusted as necessary. It can therefore be subject to change. More details about Securities Lending Borrowers and collateral details including a full list of collateral as of 31 December 2017 can be found at www.ubs.com/etf. More information regarding Lending Borrowers can be found in Appendix I (unaudited). ** Only for fixed income. Classifications are based on several rating agencies.*** Based on monthly averages for the reporting year from 1 January 2017 (or launch date) to 31 December 2017 (or liquidation date) **** Average Net Asset value ***** Entity related to depositary ****** Ultimate parent company of the Management Company******* Effective 4 May 2017, the Sub-Fund was not in the security lending program anymore.


434


Reporting Period: 1 January 2017 – 31 December 2017 UBS ETF – MSCI USA Socially Responsible

UCITS ETF*******

UBS ETF – MSCI EMU Socially


UBS ETF – MSCI Pacific Socially



- Market value of securities lent 1'000 EUR - - -- Collateral percentage of Market value / Collateral 1'000 EUR - / - - / - - / -


- Bonds - - -- Equities - - -

by Country:

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

by Credit Rating:- Rating > AA- - - -- Rating <=AA- - - -- Non-Investment Grade - - -

Securities LendingAssets and Revenues / Ratios*** Average Invested Assets**** 1'000 EUR (1) 427,344 298,221 57,066Average Securities Lent 1'000 EUR (2) 6,402 3,512 1,288Average Collateral received 1'000 EUR (3) 7,156 3,815 1,396Average Securities Lending Collateral Ratio (3):(2) 111.8% 108.6% 108.4%Average Securities Lending Ratio (2):(1) 1.5% 1.2% 2.3%Securities Lending Revenues 1'000 EUR

State Street 1'000 EUR 15.7 13.2 4.7Securities Lending Operational Costs/Fees to: 1'000 EUR 6.0 5.2 1.8

State Street (Lending Agent)***** 1'000 EUR 3.0 2.6 0.9UBS AG****** 1'000 EUR 3.0 2.6 0.9

Securities Lending Fund Revenues 1'000 EUR 9.7 8.0 2.9 * Additional information can be found in the text above the table and on www.ubs.com/etf. Collateralisation of the securities lending is continually reviewed and adjusted as necessary. It can therefore be subject to change. More details about Securities Lending Borrowers and collateral details including a full list of collateral as of 31 December 2017 can be found at www.ubs.com/etf. More information regarding Lending Borrowers can be found in Appendix I (unaudited). ** Only for fixed income. Classifications are based on several rating agencies.*** Based on monthly averages for the reporting year from 1 January 2017 (or launch date) to 31 December 2017 (or liquidation date) **** Average Net Asset value ***** Entity related to depositary ****** Ultimate parent company of the Management Company******* Effective 4 May 2017, the Sub-Fund was not in the security lending program anymore.


435

Note 8 OTC derivatives contracts

As of 31 December 2017, the Company had OTC derivative contracts as follows:

Reporting Date: 1 January 2017–31 December 2017 UBS ETF – MSCI Europe UCITS ETF


UBS ETF – MSCI EMU hedged to CHF UCITS

ETF OTC Derivatives Exposure as of 31 December 2017

OTC Financial Derivative Instrument

- Forward foreign exchange contracts

- Gross exposure 1’000 EUR* 7,305 128,455 403,098- Unrealised gain / (loss) 1’000 EUR (6) (843) (15)

Counterparty Exposure from OTC Derivatives Barclays Bank Plc Wholesale

- Gross exposure of OTC contracts 1'000 EUR - - 398,658- Collateral 1'000 EUR - - -

State Street Bank London

- Gross exposure of OTC contracts 1'000 EUR 7,305 128,455 4,440- Collateral 1'000 EUR - - -

UBS AG London

- Gross exposure of OTC contracts 1'000 EUR - - -- Collateral 1'000 EUR - - -

Reporting Date: 1 January 2017–31 December 2017 UBS ETF – MSCI EMU hedged to USD UCITS

ETF UBS ETF – Factor MSCI EMU Quality UCITS ETF

UBS ETF – Factor MSCI EMU Prime Value UCITS




- Gross exposure 1’000 EUR* 1,162,638 25,654 19,218- Unrealised gain / (loss) 1’000 EUR (5,685) (105) (47)




- Gross exposure of OTC contracts 1'000 EUR 1,162,638 25,654 19,218- Collateral 1'000 EUR - - -

UBS AG London


Reporting Date: 1 January 2017–31 December 2017 UBS ETF – Factor MSCI

EMU Low Volatility UCITS ETF

UBS ETF – Factor MSCI EMU Total Shareholder

Yield UCITS ETF UBS ETF – MSCI United

Kingdom UCITS ETF

OTC Derivatives Exposure as of 31 December 2017



- Gross exposure 1’000 EUR* 6,986 4,493 1,161- Unrealised gain / (loss) 1’000 EUR (15) (16) 11





UBS AG London


*The gross exposure does not take into account the potential netting which can be applied.


436

Note 8 OTC derivatives contracts (continued)

Reporting Date: 1 January 2017–31 December 2017 UBS ETF – MSCI United Kingdom hedged to CHF

UCITS ETF

UBS ETF – MSCI United Kingdom hedged to EUR

UCITS ETF

UBS ETF – MSCI United Kingdom hedged to USD

UCITS ETF OTC Derivatives Exposure as of 31 December 2017



- Gross exposure 1’000 EUR* 541,520 477,071 609,911- Unrealised gain / (loss) 1’000 EUR 3,652 3,261 1,196


- Gross exposure of OTC contracts 1'000 EUR 536,662 469,468 -- Collateral 1'000 EUR - - -



UBS AG London


Reporting Date: 1 January 2017–31 December 2017 UBS ETF – MSCI Japan UCITS ETF

UBS ETF – MSCI Japan hedged to CHF UCITS

ETF

UBS ETF – MSCI Japan hedged to EUR UCITS




- Gross exposure 1’000 EUR* 123,919 265,096 446,307- Unrealised gain / (loss) 1’000 EUR 802 3,510 6,048


- Gross exposure of OTC contracts 1'000 EUR - - 425,992- Collateral 1'000 EUR - - -



UBS AG London


Reporting Date: 1 January 2017–31 December 2017 UBS ETF – MSCI Japan hedged to USD UCITS

ETF

UBS ETF – MSCI Japan Socially Responsible

UCITS ETF UBS ETF – MSCI Canada

UCITS ETF




- Gross exposure 1’000 EUR* 374,418 34,281 34,931- Unrealised gain / (loss) 1’000 EUR 3,202 413 (880)





UBS AG London




437


Reporting Date: 1 January 2017–31 December 2017 UBS ETF – MSCI

Switzerland 20/35 UCITS ETF

UBS ETF – MSCI Switzerland 20/35 hedged

to EUR UCITS ETF

UBS ETF – MSCI Switzerland 20/35 hedged

to USD UCITS ETF




- Gross exposure 1’000 EUR* 48,720 270,200 185,476- Unrealised gain / (loss) 1’000 EUR (234) 37 (850)





UBS AG London


Reporting Date: 1 January 2017–31 December 2017 UBS ETF – MSCI World UCITS ETF

UBS ETF – MSCI World Socially Responsible

UCITS ETF

UBS ETF – MSCI USA Socially Responsible




- Gross exposure 1’000 EUR* 917 1,264 110,844- Unrealised gain / (loss) 1’000 EUR (3) 5 460




- Gross exposure of OTC contracts 1'000 EUR 917 1,264 110,844- Collateral 1'000 EUR - - -

UBS AG London


Reporting Date: 1 January 2017–31 December 2017 UBS ETF – MSCI EMU Socially Responsible

UCITS ETF

UBS ETF – MSCI Pacific Socially Responsible

UCITS ETF

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS




- Gross exposure 1’000 EUR* 31,881 117 35,513- Unrealised gain / (loss) 1’000 EUR (26) (0) 251




- Gross exposure of OTC contracts 1'000 EUR 31,881 117 35,513- Collateral 1'000 EUR - - -

UBS AG London




438


Reporting Date: 1 January 2017–31 December 2017 UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS

ETF

UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS

ETF

UBS ETF – Bloomberg Barclays Euro Area

Liquid Corporates 1-5 Year UCITS ETF




- Gross exposure 1’000 EUR* 7,155 432,886 5,382- Unrealised gain / (loss) 1’000 EUR 34 1,161 (5)





UBS AG London


Reporting Date: 1 January 2017–31 December 2017 UBS ETF – Bloomberg

Barclays US Liquid Corporates 1-5 Year

UCITS ETF

UBS ETF – Bloomberg Barclays US Liquid

Corporates UCITS ETF





- Gross exposure 1’000 EUR* 805,422 678,189 98,022- Unrealised gain / (loss) 1’000 EUR 2,414 2,414 324





UBS AG London


Reporting Date: 1 January 2017–31 December 2017 UBS ETF - Bloomberg

Barclays MSCI Euro Area Liquid Corporates

Sustainable UCITS ETF

UBS ETF – Bloomberg Barclays USD Emerging

Markets Sovereign UCITS ETF

OTC Derivatives Exposure as of 31 December 2017 OTC Financial Derivative Instrument

- Forward foreign exchange contracts- Gross exposure 1’000 EUR* 2,013 169,726 - Unrealised gain / (loss) 1’000 EUR (1) 314


- Gross exposure of OTC contracts 1'000 EUR - - - Collateral 1'000 EUR - -

State Street Bank London - Gross exposure of OTC contracts 1'000 EUR - 169,726 - Collateral 1'000 EUR - -

UBS AG London - Gross exposure of OTC contracts 1'000 EUR 2,013 - - Collateral 1'000 EUR - -



439

Note 9 Changes in Investment Portfolio

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge at the depositary, at the paying agents and information agent in Germany, at the Swiss representation office in Switzerland as well as at the Austrian representative and French centralizing and financial agent.

Note 10 Fund documentation

Information about UBS ETF and available ETF share classes, the full prospectus as well as the key investor information documents, the latest annual and semi-annual reports, can be obtained free of charge, in English from the Fund Management Company, the Central Administrator, the Depositary, the Funds distributors or online at www.ubs.com/etf or from the German information/paying agent, the Swiss representative or paying agent, the Austrian information/paying agent, or from the French centralizing and financial agent.

Note 11 For German residents only

The Company has appointed UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main as paying and information agent in Germany.

Note 12 For Swiss residents only

The Company has appointed UBS Fund Management (Switzerland) AG, Aeschenplatz 6, CH-4052 Basel as representation agent of the Company in Switzerland.

The Company has appointed UBS Switzerland AG, Bahnhofstrasse 45, CH-8098 Zurich and its branches in Switzerland as paying agent of the Company in Switzerland.

The sales prospectus, the KIID, management regulations, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of charge from UBS AG, CH-8001 Zurich and from UBS Fund Management (Switzerland) AG, CH-4052 Basel.

Note 13 For French residents only

The Company has appointed Société Générale S.A., 29, Boulevard Haussmann, F-75009 Paris as centralizing and financial agent in France.

Note 14 For Austrian residents only

The Company has appointed Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna as paying and representation agent in Austria.

Note 15 For Liechtenstein residents only

The Company has appointed Liechtensteinische Landesbank AG, Städte 44, FL-9490 Vaduz as paying agent in Liechtenstein.

Note 16 For Spanish residents only

The Company has appointed UBS Europe SE, 4, Calle Maria de Molina, 3a planta, 28006 Madrid as Spanish information, representation and paying agent.

Note 17 For UK residents only

The Company has appointed UBS Asset Management (UK) Ltd, 5 Broadgate, EC2M 2QS London as paying agent in the United Kingdom.


440

Note 18 Commission arrangements

During the period ended 31 December 2017, no commission sharing arrangements (CSAs) were entered into on behalf of UBS ETF.

Note 19 Transaction Fees

Transaction Fees are the brokerage costs and commissions and correspondence fees for transferring securities or investments or other interests.

Note 20 Risk Management

In terms of risk management the Board of Directors of the Management Company decided to adopt the commitment approach as a method of determining the global exposure.

Note 21 Applicable law, place of performance and authoritative language

The Luxembourg District Court is the place of performance for all legal disputes between the shareholders, the Company, the Management Company and the Depositary. Luxembourg law applies. However, in matters concerning the claims of investors from other countries, the Company, Management Company and/or depositary can elect to make themselves subject to the jurisdictions of the countries in which the shares were bought and sold. The English version of the prospectus is the authoritative version. This prospectus may also be translated into other languages. To the extent that there is any inconsistency between the English language prospectus and a version in another language, the English language prospectus will prevail, except, to the extent required by the law of any jurisdiction where the shares are sold.

Note 22 Replication Strategy

Our approach to passive equity investment is to use full replication where possible depending on the characteristics of the benchmark index, the size of portfolio and the client's desired tracking accuracy. In some situations, the portfolio manager may utilize stratified sampling where the portfolio manager deems this to be more efficient.

We typically utilize “stratified sampling” approach for our passive fixed income funds. “Stratified Sampling” is a quantitative based process, bolstered with qualitative input from our portfolio managers, that aims to construct an optimal portfolio that efficiently replicates benchmark risk characteristics with fewer securities that are sufficiently liquid and diversified. However, for certain cases, the optimal portfolio may be achieved by full replication.

In practice, the majority of our Equity ETFs are typically full replication (holding all or virtually all the underlying constituents at weights at or close to the index) and Fixed Income ETFs utilize stratified sampling.

As at 31 December 2017 the following Fixed Income sub-funds utilize full replication:

UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF UBS ETF – Bloomberg Barclays US 10+ UCITS ETF UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF UBS ETF - Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF UBS ETF - Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF

In emerging markets we may make use of stock substitutions such as Depository Receipts or foreign listings where we deem this to be more efficient.


441

Note 22 Replication Strategy (continued)

As at 31 December 2017 the following sub-fund target full replication with a number of stock substitutions:

UBS ETF – MSCI Emerging Markets UCITS ETF UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF

Note 23 Significant events during the reporting year

New Prospectus was issued on 22 December 2017.

Effective 18 April 2017 Jörgen Jessen has been appointed by the Board of Directors.

A selection of Sub-Funds was registered for distribution in Chile for pension funds. Note 24 Subsequent events

Sub-Funds Share Class Initial Dealing Day

UBS ETF - Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF Class (USD) A-acc 31 January 2018

UBS ETF - Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF Class (USD) A-acc 31 January 2018

UBS ETF - Bloomberg Barclays US Liquid Corporates 1-5 UCITS ETF Class (USD) A-acc 31 January 2018

UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF Class (USD) A-acc 31 January 2018

UBS ETF - Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF Class (USD) A-acc 31 January 2018


Class (USD) A-acc 14 February 2018


Class (hedged to CHF) A-acc 28 February 2018


Class (hedged to EUR) A-acc 28 February 2018


Class (hedged to GBP) A-dis 28 February 2018

UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF Class (USD) A-dis 30 March 2018

UBS ETF - Bloomberg Barclays Capital US 10-20 Year Treasury Bond Class (USD) A-dis Not determined

UBS ETF - Bloomberg Barclays Capital US 20+ Year Treasury Bond Class (EUR) A-dis Not determined

UBS ETF - Markit iBoxx € Germany 10+ Class (EUR) A-dis Not determined UBS ETF - Markit iBoxx TIPS Inflation-Linked Index 5-10 Class (USD) A-dis Not determined UBS ETF - Markit iBoxx TIPS Inflation-Linked Index 10+ Class (USD) A-dis Not determined UBS ETF - Markit iBoxx Sterling Inflation-Linked Index 10+ Class (USD) A-dis Not determined


442

Note 25 Auditor's Remuneration

During the year from 1 January 2017 to 31 December 2017, our services delivered to the Fund include: - Legal annual audit - Other assurance related work - Tax services- Regulatory investor reporting

Appendix I - Supplementary Information (unaudited)

443

Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January 2016 and, amongst other requirements, introduces new disclosure requirements in the UBS ETF annual and half-yearly reports published after 13 January 2017 detailing the UBS ETF use of securities financing transactions. As a result, additional disclosures have been included in this appendix. The following table details the value of securities on loan in EUR as a proportion of the Fund’s Net Assets Value, as at 31 December 2017.

Fund Securities on loan % of Net Assets

Securities on loan % ofTotal Lendable

Securities

UBS ETF – EURO STOXX 50 UCITS ETF 1.44 1.44UBS ETF – MSCI Europe UCITS ETF 5.03 5.04UBS ETF – MSCI EMU UCITS ETF 3.98 4.00UBS ETF – MSCI EMU hedged to CHF UCITS ETF 4.43 4.46UBS ETF – MSCI EMU hedged to USD UCITS ETF 4.10 4.10UBS ETF – MSCI EMU Value UCITS ETF 5.72 5.72UBS ETF – MSCI EMU Small Cap UCITS ETF 18.87 18.88UBS ETF – Factor MSCI EMU Quality UCITS ETF 1.66 1.66UBS ETF – Factor MSCI EMU Prime Value UCITS ETF 1.16 1.16UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF 6.47 6.48UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF 7.91 7.92UBS ETF – FTSE 100 UCITS ETF 7.34 7.35UBS ETF – MSCI United Kingdom UCITS ETF 2.64 2.67UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF 1.89 1.93UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF 2.05 2.09UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF 2.18 2.21UBS ETF – MSCI Japan UCITS ETF 19.02 19.11UBS ETF – MSCI Japan hedged to CHF UCITS ETF 26.81 27.48UBS ETF – MSCI Japan hedged to EUR UCITS ETF 20.28 20.78UBS ETF – MSCI Japan hedged to USD UCITS ETF 23.34 23.84UBS ETF – MSCI Pacific (ex Japan) UCITS ETF 8.70 8.70UBS ETF – MSCI USA UCITS ETF 3.46 3.47UBS ETF – MSCI Canada UCITS ETF 9.83 9.85UBS ETF – MSCI Singapore UCITS ETF 0.89 0.89UBS ETF – MSCI Hong Kong UCITS ETF 1.83 1.83UBS ETF – MSCI Switzerland 20/35 UCITS ETF 2.17 2.17UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF 2.87 2.87UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF 2.61 2.59UBS ETF – MSCI World UCITS ETF 6.61 6.61UBS ETF – MSCI Emerging Markets UCITS ETF 5.71 5.71 For all sub-funds, the maturity tenor of securities on loan is open as there are all equities. The following table details the value of securities on loan and associated non cash collateral received, analysed by Lending Borrowers, as at 31 December 2017. Please refer to Note 7 for further information on reuse of non-cash collateral received. No cash is received as collateral in relation to securities lending activities. The figures are disclosed in EUR which is the base currency of the Company but the currency in which the non-cash collateral is received is always USD. Counterparty Counterparty's country

of incorporation Securities on loan

EUR '000 Non-cash collateral received EUR '000

UBS ETF – EURO STOXX 50 UCITS ETF

CREDIT SUISSE SECURITIES (EUROPE) LIMITED United Kingdom 8,503 8,965

Total 8,503 8,965

Appendix I - Supplementary Information (unaudited) (continued)

444

Counterparty Counterparty's country




BANK OF NOVA SCOTIA Canada 1,357 1,477

BARCLAYS CAPITAL SECURITIES LIMITED United Kingdom 2,305 2,482


GOLDMAN SACHS INTERNATIONAL United Kingdom 1,666 1,817

HSBC BANK PLC United Kingdom 457 487

JP MORGAN SECURITIES PLC United Kingdom 2,240 2,440

MACQUARIE BANK LIMITED Australia 172 188

MERRILL LYNCH INTERNATIONAL United Kingdom 59 63

MORGAN STANLEY & CO INTERNATIONAL PLC United Kingdom 498 523

SOCIETE GENERALE SA France 756 815

Total 13,734 14,779 Counterparty Counterparty's country









ING BANK NV Netherlands 774 838



MORGAN STANLEY & CO INTERNATIONAL PLC United Kingdom 3,645 3,827

SOCIETE GENERALE SA France 17,205 18,537




UBS ETF – MSCI EMU hedged to CHF UCITS ETF







Total 17,568 18,937


445




UBS ETF – MSCI EMU hedged to USD UCITS ETF










UBS ETF – MSCI EMU Value UCITS ETF

BANK OF NOVA SCOTIA Canada 452 492










UBS ETF – MSCI EMU Small Cap UCITS ETF



CITIGROUP GLOBAL MARKETS LIMITED United Kingdom 1,159 1,229



MERRILL LYNCH INTERNATIONAL United Kingdom 3,212 3,409






UBS ETF – Factor MSCI EMU Quality UCITS ETF

CREDIT SUISSE SECURITIES (EUROPE) LIMITED United Kingdom 724 774

JP MORGAN SECURITIES PLC United Kingdom 152 166


Total 956 1,024


446






Total 703 757 Counterparty Counterparty's country


















GOLDMAN SACHS INTERNATIONAL United Kingdom 641 676


ING BANK NV Netherlands 1,486 1,612


MACQUARIE BANK LIMITED Australia 4,657 5,090




UBS ETF – MSCI United Kingdom UCITS ETF







Total 17,052 18,496


447



















MORGAN STANLEY & CO INTERNATIONAL PLC United Kingdom 989 1,038

























Total 178,979 193,025


448


































UBS ETF – MSCI Pacific (ex Japan) UCITS ETF



CREDIT SUISSE SECURITIES (EUROPE) LIMITED United Kingdom 944 1,037






Total 16,266 17,606


449




UBS ETF – MSCI USA UCITS ETF

CITIGROUP GLOBAL MARKETS LIMITED United Kingdom 185 197









ABN AMRO BANK NV Netherlands 18,448 20,033








UBS ETF – MSCI Singapore UCITS ETF






UBS ETF – MSCI Hong Kong UCITS ETF






UBS ETF – MSCI Switzerland 20/35 UCITS ETF






Total 17,569 19,099


450





BANK OF NOVA SCOTIA Canada 119 130















ABN AMRO BANK NV Netherlands 2,317 2,554







ING BANK NV Netherlands 1,104 1,196









UBS ETF – MSCI Emerging Markets UCITS ETF







Total 57,928 64,083


451

The following table provides an analysis of the maturity tenor of non-cash collateral received by way of title transfer collateral arrangement by the Fund/s in respect of securities on loan as at 31 December 2017. non-cash collateral Securities Lending

EUR '000

Maturity tenor UBS ETF – EURO STOXX 50 UCITS ETF



UBS ETF – MSCI EMU hedged to CHF

UCITS ETF

UBS ETF – MSCI EMU hedged to USD

UCITS ETF 2 to 7 days - 102 651 - -

8 to 30 days - 28 223 35 90

31 to 90 days - 19 136 22 130

91 to 365 days 56 513 3,548 79 235

More than 365 days 8,909 6,238 59,486 5,396 19,275

Open transactions - 7,879 100,682 13,405 30,887

Total 8,965 14,779 164,726 18,937 50,617 non-cash collateral Securities Lending

EUR '000

Maturity tenor UBS ETF – MSCI

EMU Value UCITS ETF

UBS ETF – MSCI EMU Small Cap

UCITS ETF

UBS ETF – Factor MSCI EMU Quality

UCITS ETF


UBS ETF – Factor MSCI EMU Low

Volatility UCITS ETF 2 to 7 days 136 248 - - -

8 to 30 days 34 110 - - -

31 to 90 days 21 393 - - -

91 to 365 days 440 765 12 2 11

More than 365 days 8,795 10,864 527 228 1,585

Open transactions 9,916 19,114 485 527 1,873

Total 19,342 31,494 1,024 757 3,469 non-cash collateral Securities Lending

EUR '000

Maturity tenor UBS ETF – Factor MSCI EMU Total

Shareholder Yield UCITS ETF


UBS ETF – MSCI United Kingdom

UCITS ETF

UBS ETF – MSCI United Kingdom hedged to CHF

UCITS ETF

UBS ETF – MSCI United Kingdom hedged to EUR

UCITS ETF

2 to 7 days - - - - -

8 to 30 days 2 10 91 91 67

31 to 90 days 1 41 49 48 54

91 to 365 days 7 4 45 42 31

More than 365 days 678 880 2,156 2,342 1,891

Open transactions 262 8,699 16,155 9,018 9,061

Total 950 9,634 18,496 11,541 11,104


452

non-cash collateral Securities Lending

EUR '000

Maturity tenor UBS ETF – MSCI United Kingdom hedged to USD

UCITS ETF


UBS ETF – MSCI Japan hedged to CHF

UCITS ETF



2 to 7 days - 5,209 - - -

8 to 30 days 104 1,343 662 813 743

31 to 90 days 55 2,407 740 1,637 920

91 to 365 days 47 7,000 589 1,915 699

More than 365 days 1,562 53,120 8,127 13,609 10,648

Open transactions 13,187 123,946 69,487 83,709 84,116

Total 14,955 193,025 79,605 101,683 97,126 non-cash collateral Securities Lending

EUR '000


Pacific (ex Japan) UCITS ETF

UBS ETF – MSCI USA UCITS ETF


UBS ETF – MSCI Singapore UCITS

ETF

UBS ETF – MSCI Hong Kong UCITS

ETF 2 to 7 days 90 - - - -

8 to 30 days 21 9 41 1 3

31 to 90 days 75 1 25 - 56

91 to 365 days 298 546 65 - 82

More than 365 days 2,144 2,227 15,329 9 246

Open transactions 14,978 16,282 25,865 275 376

Total 17,606 19,065 41,325 285 763 non-cash collateral Securities Lending

EUR '000


Switzerland 20/35 UCITS ETF


hedged to EUR UCITS ETF


hedged to USD UCITS ETF



UCITS ETF

2 to 7 days - - - 608 339

8 to 30 days 164 48 38 291 111

31 to 90 days 100 30 23 322 100

91 to 365 days 78 354 243 1,838 127

More than 365 days 1,918 2,986 1,837 15,586 10,070

Open transactions 16,839 4,938 2,940 59,386 53,336

Total 19,099 8,356 5,081 78,031 64,083 The maturity tenor analysis for debt securities received as collateral is based on the respective contractual maturity date, while equity securities and cash received as collateral are presented as open transactions as they are not subject to a contractual maturity date. The following table lists the ten largest issuers by value of non-cash collateral received by the Fund/s by way of title transfer collateral arrangement across securities lending transactions as at 31 December 2017.


453

Non-cash collateral issuer Value

EUR’000 UBS ETF – EURO STOXX 50 UCITS ETF United States Treasury 3,178

United Kingdom Gilt 1,792

Republic of Austria Government Bond 1,768

Kingdom of Belgium Government Bond 1,087

Republic of Germany 947

French Republic Government Bond 180

Netherlands Government Bond 13

Total 8,965 Non-cash collateral issuer Value

EUR’000

UBS ETF – MSCI Europe UCITS ETF United States Treasury 1,771


Republic of Germany 1,062


Kingdom of Belgium Government Bond 854

Republic of Austria Government Bond 441


Banco Santander SA 170

Canadian Government Bond 140

Akzo Nobel NV 138

Other issuers 7,644


EUR’000

UBS ETF – MSCI EMU UCITS ETF United States Treasury 18,448





French Republic Government Bond 4,997

Barclays PLC 2,853

BAE Systems PLC 2,685

Toyota Motor Corp 2,633

BASF SE 2,029

Other issuers 92,087

Total 164,726


454


EUR’000 UBS ETF – MSCI EMU hedged to CHF UCITS ETF United States Treasury 1,766



KeyCorp 749

American Tower Corp 706


Baker Hughes a GE Co 586


Intact Financial Corp 515

Stars Group Inc/The 379



EUR’000 UBS ETF – MSCI EMU hedged to USD UCITS ETF United States Treasury 6,222






Toyota Motor Corp 975

KeyCorp 894

Barclays PLC 868




EUR’000 UBS ETF – MSCI EMU Value UCITS ETF United States Treasury 2,893







Akzo Nobel NV 273

Zurich Insurance Group AG 228

KeyCorp 216

Other issuers 9,058

Total 19,342


455


EUR’000 UBS ETF – MSCI EMU Small Cap UCITS ETF French Republic Government Bond 2,195


United States Treasury 2,037



Netherlands Government Bond 1,355


Barclays PLC 404

BAE Systems PLC 394

Akzo Nobel NV 367



EUR’000 UBS ETF – Factor MSCI EMU Quality UCITS ETF United States Treasury 153

United Kingdom Gilt 104





KeyCorp 32




Other issuers 406


EUR’000 UBS ETF – Factor MSCI EMU Prime Value UCITS ETF United States Treasury 93

KeyCorp 51






Intact Financial Corp 34

Stars Group Inc/The 25

National Bank of Canada 21

Other issuers 334

Total 757


456


EUR’000 UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF United States Treasury 572





Bank of America Corp 122

Apple Inc 119

Envision Healthcare Corporation 119

KeyCorp 118


Other issuers 1,461


EUR’000 UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF United States Treasury 226







KeyCorp 9


Eni SpA 7

Other issuers 240

Total 950 Non-cash collateral issuer Value

EUR’000 UBS ETF – FTSE 100 UCITS ETF GlaxoSmithKline PLC 580

HSBC Holdings PLC 520

Challenger Ltd/Australia 510

China Life Insurance Co Ltd 509

Pfizer Inc 408

carsales.com Ltd 353

Magellan Financial Group Ltd 340

Oil Search Ltd 321

Qantas Airways Ltd 315

AIA Group Ltd 245

Other issuers 5,533

Total 9,634


457


EUR’000 UBS ETF – MSCI United Kingdom UCITS ETF Barclays PLC 641

BAE Systems PLC 622


United States Treasury 548

Henkel AG & Co KGaA 420

BASF SE 387

Akzo Nobel NV 385


Toronto-Dominion Bank/The 353

Vonovia SE 329



EUR’000 UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF United Kingdom Gilt 555




Eni SpA 289

Akzo Nobel NV 258



Credit Suisse Group AG 196


Other issuers 8,359


EUR’000 UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF United Kingdom Gilt 515


Barclays PLC 313

BAE Systems PLC 307



Eni SpA 242


Akzo Nobel NV 221

Henkel AG & Co KGaA 214

Other issuers 8,155

Total 11,104


458


EUR’000 UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF United States Treasury 422

Akzo Nobel NV 422




Eni SpA 324

Barclays PLC 287

BAE Systems PLC 284


Tencent Holdings Ltd 221



EUR’000 UBS ETF – MSCI Japan UCITS ETF United States Treasury 14,660





Akzo Nobel NV 5,487

Canadian Government Bond 5,115

Eni SpA 4,639

Banco Santander SA 4,089




EUR’000 UBS ETF – MSCI Japan hedged to CHF UCITS ETF United Kingdom Gilt 3,668

Akzo Nobel NV 3,422


Eni SpA 2,376




Zurich Insurance Group AG 1,880

Credit Suisse Group AG 1,616

Koninklijke Philips NV 1,440


Total 79,605


459


EUR’000 UBS ETF – MSCI Japan hedged to EUR UCITS ETF United Kingdom Gilt 4,700


Akzo Nobel NV 3,963




Eni SpA 2,778



Credit Suisse Group AG 1,890



EUR’000 UBS ETF – MSCI Japan hedged to USD UCITS ETF United Kingdom Gilt 4,524


Akzo Nobel NV 4,330




Eni SpA 2,650


Koninklijke Philips NV 2,136

Banco Bilbao Vizcaya Argentaria SA 1,903



EUR’000 UBS ETF – MSCI Pacific (ex Japan) UCITS ETF TechnipFMC PLC 1,035

NIKE Inc 1,034


Pioneer Natural Resources Co 777

Cognizant Technology Solutions Corp 747

Dollar General Corp 691


United Rentals Inc 572

Altria Group Inc 570

Costco Wholesale Corp 542


Total 17,606


460


EUR’000 UBS ETF – MSCI USA UCITS ETF United States Treasury 1,558

Nestle SA 1,531

Roche Holding AG 604

Altice NV 582

BHP Billiton Ltd 518


UBS Group AG 506


Ping An Insurance Group Co of China Ltd 436

Swiss Re AG 419



EUR’000 UBS ETF – MSCI Canada UCITS ETF Netherlands Government Bond 8,060


UniCredit SpA 2,668

Infineon Technologies AG 2,016

Lafargeholcim Ltd 2,005

Royal Bank of Canada 2,001




TransAlta Corp 1,100



EUR’000 UBS ETF – MSCI Singapore UCITS ETF AIA Group Ltd 23

Ping An Insurance Group Co of China Ltd 23

Paddy Power Betfair PLC 22

CLP Holdings Ltd 19

Power Assets Holdings Ltd 18

Hong Kong Exchanges & Clearing Ltd 17

Sun Hung Kai Properties Ltd 14

China Shenhua Energy Co Ltd 13

China Overseas Land & Investment Ltd 12

BAWAG Group AG 11

Other issuers 113

Total 285


461


EUR’000 UBS ETF – MSCI Hong Kong UCITS ETF Republic of Germany 254



Eni SpA 11

Akzo Nobel NV 9


Anthem Inc 8


PPL Corp 7

Prologis Inc 6

Other issuers 325

Total 763 Non-cash collateral issuer Value

EUR’000 UBS ETF – MSCI Switzerland 20/35 UCITS ETF United States Treasury 915


Eni SpA 605

Akzo Nobel NV 600




Industria de Diseno Textil SA 360

Aetna Inc 329

CR Bard Inc 312



EUR’000 UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF United Kingdom Gilt 771






Eni SpA 177

Akzo Nobel NV 155


CR Bard Inc 130

Other issuers 4,348

Total 8,356


462


EUR’000 UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF United Kingdom Gilt 537





Eni SpA 139

Akzo Nobel NV 120



Industria de Diseno Textil SA 83

Other issuers 2,452


EUR’000 UBS ETF – MSCI World UCITS ETF United States Treasury 5,334




Nestle SA 1,997



Netherlands Government Bond 1,385

Akzo Nobel NV 1,209

Roche Holding AG 1,165



EUR’000 UBS ETF – MSCI Emerging Markets UCITS ETF JPMorgan Chase & Co 11,676

Monsanto Co 10,560

General Electric Co 9,986

Raytheon Co 3,796


M&T Bank Corp 1,990


Allergan plc 1,650




Total 64,083


463

The following table details the collateral received, analysed by collateral agent, as at 31 December 2017. Collateral received EUR’000

Fund State Street

Bank and Trust Company

Bank of New York

JP Morgan Chase Total

UBS ETF – EURO STOXX 50 UCITS ETF - - 8,965 8,965UBS ETF – MSCI Europe UCITS ETF - 5,700 9,079 14,779

UBS ETF – MSCI EMU UCITS ETF - 57,547 107,179 164,726

UBS ETF – MSCI EMU hedged to CHF UCITS ETF - 2,789 16,148 18,937

UBS ETF – MSCI EMU hedged to USD UCITS ETF - 9,313 41,304 50,617

UBS ETF – MSCI EMU Value UCITS ETF - 6,049 13,293 19,342

UBS ETF – MSCI EMU Small Cap UCITS ETF 163 15,875 15,456 31,494

UBS ETF – Factor MSCI EMU Quality UCITS ETF - 84 940 1,024

UBS ETF – Factor MSCI EMU Prime Value UCITS ETF - - 757 757

UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF - - 3,469 3,469

UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF - 41 909 950

UBS ETF – FTSE 100 UCITS ETF - 2,287 7,347 9,634

UBS ETF – MSCI United Kingdom UCITS ETF - 2,867 15,629 18,496

UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF - 1,742 9,799 11,541

UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF - 1,552 9,552 11,104

UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF - 2,573 12,382 14,955

UBS ETF – MSCI Japan UCITS ETF - 72,791 120,234 193,025

UBS ETF – MSCI Japan hedged to CHF UCITS ETF - 20,219 59,386 79,605

UBS ETF – MSCI Japan hedged to EUR UCITS ETF - 29,727 71,956 101,683

UBS ETF – MSCI Japan hedged to USD UCITS ETF - 29,970 67,156 97,126

UBS ETF – MSCI Pacific (ex Japan) UCITS ETF 226 15,431 1,949 17,606

UBS ETF – MSCI USA UCITS ETF - 12,328 6,737 19,065

UBS ETF – MSCI Canada UCITS ETF - 13,051 28,274 41,325

UBS ETF – MSCI Singapore UCITS ETF - 225 60 285

UBS ETF – MSCI Hong Kong UCITS ETF - 309 454 763

UBS ETF – MSCI Switzerland 20/35 UCITS ETF - 4,316 14,783 19,099

UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF - 4,074 4,282 8,356

UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF - 1,814 3,267 5,081

UBS ETF – MSCI World UCITS ETF 176 32,962 44,893 78,031

UBS ETF – MSCI Emerging Markets UCITS ETF 792 53,689 9,602 64,083

Total 1,357 399,325 705,241 1,105,923 The Company has collateral both bilaterally (State Street Bank and Trust) and via tri-party agents (Bank of New York and JP Morgan Chase). In the case of Bank of New York and JP Morgan Chase agents, State Street Bank and Trust delegates some collateral management duties to these tri-party agents. In all cases the depository has delegated collateral management duties to State Street Bank and Trust. State Street Bank and Trust are then permitted to further delegate responsibilities to tri-party agents if they see fit.

Appendix II - Remuneration Policy (unaudited)

464

Remuneration disclosure The Board of Directors of UBS Fund Management (Luxembourg) S.A. has updated the remuneration policy (the “Policy”) on 26 September 2017, whose objectives are on one hand; to ensure that the remuneration framework is in line with the applicable laws and regulations, and more specifically with provisions defined under (i) the Articles 111bis and 111ter of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment in Transferable Securities as amended from time to time (the UCITS Law) transposing the UCITS Directive 2014/91/EU (the UCITS V Directive), (ii) the Alternative Investment Fund Managers (AIFM) Directive 2011/61/EU, transposed into the Luxembourg AIFM Law dated from 12 July 2013, as amended from time to time, (iii) the ESMA’s guidelines on sound remuneration policies under the UCITS Directive - ESMA/2016/575 published on 14 October 2016 and ESMA’s guidelines on sound remuneration policies under the AIFMD - ESMA/2016/579 published on 14 October 2016 amending the ESMA’s guidelines on sound remuneration policies under the UCITS Directive and AIFMD published on 31 March 2016 - ESMA/2016/411 (the ESMA Guidelines) and (iv) the CSSF Circular 10/437 on Guidelines concerning the remuneration policies in the financial sector issued on 1 February 2010; and on the other hand, to comply with the UBS AG Remuneration policy framework. The Policy is meant not to encourage excessive risk taking, to contain measures to avoid conflicts of interest, to be consistent with, and promote, sound and effective risk management and to be consistent with the UBS Group business strategy, objectives and values. Further information in relation to UBS AG Remuneration Policy is available in the UBS Group AG Annual Report 2016 and in the Compensation report for 2016. More details about the remuneration policy of the Management Company, which describes, but not limited to, how remuneration and benefits are determined, are available at http://www.ubs.com/lu/en/asset_management/investor_information.html Application of the requirements and remuneration disclosure In accordance with the Article 151 of the UCITS Law, the Management Company is required to disclose at least annually certain information concerning its remuneration policy and the practices for its identified staff. The Management Company complies with the aforementioned regulatory provisions in a way and to the extent that is appropriate to its size, internal organization and the nature, scope and complexity of its activities. Considering the total size of funds under management, both UCITs and AIFs although a significant portion is not complex or risky investment, UBS Fund Management (Luxembourg) S.A. judges that the proportionality principle may not be applicable at the level of the company but at the level of the Identified staff. By application of the proportionality principle for the Identified staff, the following requirements on pay-out processes for Identified staff are not applied: • The payment of variable remuneration in instruments related mainly to the funds in relation to which they perform their activities; • Deferral requirements; • Retention periods; • Incorporation of ex-post risk factors (i.e. malus or clawback arrangements); The deferral requirements remain however applicable when the employee's total annual compensation is exceeding the threshold defined under the UBS Group Compensation Framework; the variable compensation will be treated in line with the plan rules defined under the UBS Group Compensation Framework. There is no remuneration paid to identified staff of delegates from the Management Company. Remuneration disclosure For the fiscal year ending 31 December 2017, the aggregate total remuneration paid by UBS Fund Management (Luxembourg) S.A. to all its staff amounted to EUR 730,535; of which EUR 82,736 represented the variable remuneration. The Management Company employed an average of 24.7 staff (full time equivalent) during this period. The aggregate total remuneration paid by the Management Company to its Identified Staff amounted to EUR 160,644. Please further note that due to the roles of Management Company staff, this remuneration was calculated in proportion of the net assets of the Fund out of the assets of all the funds under the governance of UBS Fund Management (Luxembourg) S.A. (including both AIF and UCITS funds).

日本経済新聞 · 2018-04-17 · UBS ETF – MSCI World UCITS ETF Annual report as of...

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